NY favoured option for foreign listing of Saudi Aramco

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Even though Saudi Arabia's advisors are favoring London over NY for the foreign venue to list Aramco shares, Saudi Crown Prince Mohammad bin Salman and the Saudi government are more inclined to favor NY for the world's largest IPO next year, Reuters reported on Friday, citing sources familiar with the plans.

Nonetheless, Aramco stressed in a statement that no decision had been taken yet on the listing venue beyond the Saudi exchange Tadawul, according to Reuters, and neither the NY or London stock exchange have commented.

A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom's economic and energy policies, the sources said. New York, Salman says, will keep Washington and Riyadh close and offer better access to liquidity and commercial opportunity. "All options continue to be held under consideration".

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"That is broadly correct", a senior industry source told Reuters, referring to the NYSE option for Aramco's listing.

The report said financial and legal advisors had recommended listing in London, on the basis that a USA flotation would require greater disclosure of sensitive information. "There is no timetable requirement for an immediate definitive decision", Aramco said in response to a Reuters request for comment.

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