Gulf Wealth Funds to Consider Investing in Aramco IPO - Bloomberg

Gulf Wealth Funds to Consider Investing in Aramco IPO - Bloomberg:

Sovereign wealth funds in Kuwait and Bahrain said they will consider investing in the initial public offering of Saudi Aramco, while their counterpart in South Korea plans to wait for the inclusion of the oil giant in benchmark stock indexes.

“Usually we try to be diversified away from oil but it’s an investment opportunity,” Kuwait Investment Authority’s Managing Director Farouk Bastaki told reporters in Riyadh at the Future Investment Initiative conference. The Kuwait Investment Authority hasn’t been approached by Aramco nor its advisers and its decision to invest would depend on the size, timing and valuation of the IPO, he said.

Saudi Aramco is working toward an IPO that may raise $40 billion $60 billion and is set to be the world’s biggest. Saudi Arabia’s Capital Markets Authority will announce the start of the IPO process on Sunday and the shares will begin trading in Riyadh from Dec. 11, Al Arabiya TV reported, without saying where it got the information.