Top U.K. Lawmakers Question Weakening Rules for IPO of Aramco - Bloomberg

Top U.K. Lawmakers Question Weakening Rules for IPO of Aramco - Bloomberg:

"Two senior British lawmakers are questioning plans by London’s financial regulator to change listing rules that would make it easier for Saudi Aramco to go public in London, in what may become the world’s largest initial public offering. Nicky Morgan and Rachel Reeves, the chairs of Parliament’s Treasury and Business, Energy and Industrial Strategy Committees, wrote Tuesday to the U.K. Financial Conduct Authority’s chief executive officer raising concerns on how much the move may be driven by attracting Saudi Aramco. The FCA is consulting on creating a listings category to better cater for companies owned by a sovereign country. Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an IPO next year. The kingdom plans to list on the Saudi stock exchange in Riyadh and sell shares on at least one bourse outside the country. That choice pits the top global financial centers, including London and New York, against each other for a sale that could value the largest oil exporter at more than $1 trillion, making it the world’s largest company by market value. "



'via Blog this'