Aramco International listing ‘still on the cards,’ Minister says

Davos: Saudi Aramco is still considering listing shares abroad, the kingdom’s Finance Minister Mohammad Al Jadaan said.

“It’s still on the cards, we made that very clear,” Al-Jadaan told Bloomberg TV in an interview in Davos. “We will consider it, but I don’t think it’s going to be anytime soon.”

Aramco raised $29.4 billion in the world’s biggest-ever initial public offering, selling shares at 32 riyals each and overtaking Microsoft Corp. and Apple Inc. as the most valuable listed company.

Aramco offered less than 2 per cent and opted for a local listing after global investors balked at its hopes of valuing the company at $2 trillion. Instead, Aramco relied heavily on local investors and funds from neighbouring Gulf Arab monarchies.