It could be the world's largest-ever IPO.
According to a report from Bloomberg, Singapore is
considering a range of measures to lure a listing from energy giant Saudi
Arabian Oil Co., according to people familiar with the matter, as global
exchanges compete for a slice of what could be the world’s largest-ever initial
public offering.
The island nation is studying proposals including inviting
one of its state investment companies to become a cornerstone investor in
Aramco’s IPO, as well as potential Singapore cooperation with the Saudi
government on future investments, the people said. Singapore Exchange Ltd.
management including Chief Executive Officer Loh Boon Chye visited Saudi Arabia
late last year to pitch a listing on the bourse, according to the people, who
asked not to be identified as the information is private.
Singapore, the
biggest oil trading center in Asia, is hoping a full package of government
incentives will give it a better chance of winning a piece of the listing than
a standalone proposal from the stock exchange, the people said. Aramco is yet
to make a final decision on the venue for the IPO, and Singapore faces
challenges from larger international exchanges, the people said.
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