Friday, 8 June 2018

Controversial rules for Saudi Aramco London listing approved

A new category has been approved for companies traded on the London Stock Exchange, which will allow oil giant Saudi Aramco to list shares in London.

London has been accused of watering down corporate governance rules in order to accommodate the huge listing.

The Institute of Directors said the move put the "UK's global reputation as a leader in good governance" at risk.

London is vying with New York for the state-owned oil firm's listing, expected to be the world's biggest.

The proposed share flotation will see 5% of the state-owned company sold in an Initial Public Offering.
Aramco has yet to confirm where, or indeed if, it will float the shares, with some reports it may instead shelve the flotation in favour of private share sales.

BBC     News.

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