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Japan: PM asks Saudi king to list Aramco in Tokyo

 |  March 13, 2017

On Monday, Japan’s Prime Minister Shinzo Abe asked Saudi Arabia’s King Salman to support a listing of oil giant Aramco’s shares in Tokyo, as financial centers in Asia and elsewhere step up efforts to win the coveted $100 billion listing.

According to Japan’s Deputy Chief Cabinet Secretary Kotaro Nogami, Abe made the request for support on the Aramco listing to the Saudi monarch, who responded by saying the kingdom would look into the request because it wants Japanese investors to buy Aramco shares.

Saudi authorities plan to list up to 5 percent of the world’s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Besides Tokyo, markets in New York, London, Hong Kong, Singapore and Toronto, are vying for what could be the world’s largest IPO, potentially raising as much as $100 billion.

Saudi officials are keen to court Asian investors for the sale of the Aramco stake in 2018, and have solicited financial advice from banks with links to China.

The IPO is the centerpiece of the Saudi government’s ambitious plan, known as Vision 2030, to diversify the economy away from oil.

Full Content: Reuters

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