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English news

19-Sep-2019

Saudi market regulator in talks with Aramco on IPO rules

Saudi Arabia’s Capital Market Authority (CMA) is in talks with Saudi Aramco and its advisers about the regulatory requirements for listing on the domestic stock exchange, its Chairman, Mohammed bin Abdullah Elkuwaiz, told Reuters in an interview. Asked whether there will be any waivers or exemptions for the company’s listing, Kuwaiz said the CMA is “still having those discussions”. The Kingdom’s stock market regulator typically requires firms offer at least 20% to 30% of their shares when floating. “We receive waivers or exemption requests where needed and we review them on a case by case basis,” Kuwaiz said, in reference to those discussions. Aramco’s primary listing will be on Tadawul in Riyadh, but the government is still considering a secondary listing overseas, Saudi Finance Minister Mohammed Al-Jadaan told Reuters in an interview on Wednesday.