With oil prices on the uptrend, investors are keeping a close watch on the oil giants of the Middle East — especially Saudi Arabia’s leaders. Over the weekend, the world's most valuable oil company tipped its hand on a multi-billion dollar deal that may land in Singapore.
Saudi Aramco is looking to sell as much as a US$50 billion ($67 billion) stake, or 2.5% of the company, and has held talks on selling the additional shares on the Riyadh stock exchange and a secondary listing, possibly in London or Singapore, reported The Wall Street Journal on Feb 4.
The listing of shares would mark the largest in the history of capital markets, breaking a record set by the company itself. Aramco was behind the world’s largest initial public offering in 2019 when it raised US$29.4 billion on the Saudi stock exchange. Even so, the record-smashing IPO listed just 1.5% of the company, a scaled-back iteration of the original plan to list 5% of the company for up to US$100 billion.