London dragging its feet on Aramco listing rules

Just saw that London regulators have delayed changing the rules to allow Aramco to be listed on the London Stock Exchange. Wonder what that means for the IPO?

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Saw that, too. Not sure what it means because they were supposed to have these new rules by the end of 2017 ... 

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What rules does it have to change?

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For starters, they need to create a new category for premium listings for companies that are controlled by states (sovereign powers). 

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Talk on the 'street' is that Hong Kong is also emerging as a listing contender ... 

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But didn't they choose to list in NYSE rather than London for the very reason that NYSE relaxed their rules to accommodate them. This suggests NYSE is well able to be flexible if the money's right.

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Screen Shot 2018-01-02 at 3.50.52 PM.png

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I believe that also Aramco will require shareholders to forgo their right to sue the company if they do something wrong, or even if they have not truthfully reported their past activities.

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The stock exchange is breaking its own rules about the minimum percentage of a company's shares being publicly traded. This will distort all the mutual funds which have exposure to the index. It means pension funds are not as secure.

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They wouldn't list on NYSE for legal, or rather litigation-possibility, reasons and now that the FCA and the LSE are squirming, Hong Kong may become more attractive. I find the whole affair quite amusing and I'm glad to see some legislators in the UK are doing their job.

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Saudis say IPO is still on track and all listing options are still on the table...

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The way I see it, Salman is advocating listing the IPO on the New York Stock Exchange, especially as his relationship with the White House deepens. However, most Saudi officials seem to prefer using the London Stock Exchange because  London would bring less scrutiny of the company's oil reserves than its U.S. counterpart would.

 

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23 hours ago, Stephen said:

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Tweet policy again. Don't we have someone that might make a deal behind closed doors with them? And negotiate?

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Trump has stuck us with the wrong Arabs and supported a illegitimate blockade against Qatar. That gold medal and $100 million dollars from the Saudis are paying off

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10 minutes ago, Joanna said:

The way I see it, Salman is advocating listing the IPO on the New York Stock Exchange, especially as his relationship with the White House deepens. However, most Saudi officials seem to prefer using the London Stock Exchange because  London would bring less scrutiny of the company's oil reserves than its U.S. counterpart would.

 

In order to list on the NYSE, Aramco would be subject to investor protecting, reporting requirements that might leave them vulnerable to lawsuits in the US. MBS wouldn't tolerate such insolence.

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On 1/2/2018 at 1:37 PM, Kate Turlington said:

Just saw that London regulators have delayed changing the rules to allow Aramco to be listed on the London Stock Exchange. Wonder what that means for the IPO?

This is Brexit UK. Deal first - ethics later.

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8 minutes ago, JohnAtronis said:

This is Brexit UK. Deal first - ethics later.

Brexit? Do you really think other European nations are not out there too fishing?

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On 1/2/2018 at 1:37 PM, Kate Turlington said:

Just saw that London regulators have delayed changing the rules to allow Aramco to be listed on the London Stock Exchange. Wonder what that means for the IPO?

Why are Saudi's doing this I will never know. Their country only stays afloat because of oil revenue and putting that revenue into foreign "investors" isn't going to do that. Maybe is a part of strategy to shift from oil?

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6 minutes ago, Meanwhile said:

Why are Saudi's doing this I will never know. Their country only stays afloat because of oil revenue and putting that revenue into foreign "investors" isn't going to do that. Maybe is a part of strategy to shift from oil?

The Saudi cash is beginning to run out, the next 5 years are going to bring some interesting developments in the region. 

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Take oil away from the ME and it's 250 Million inhabitants have a total GDP less than that of Finland

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