SINGAPORE Feb 6 Singapore Exchange
has held talks with Saudi Aramco on a secondary listing, two
sources familiar with the matter said on Monday, after the oil
and gas company suggested last week it would likely
simultaneously list on more than one exchange.
The planned listing next year of up to 5 percent of Aramco
is expected to be the world's biggest initial public offer
(IPO). Saudi Energy Minister Khalid al-Falih said last week the
company was evaluating concurrent listings on more than one
The sources told Reuters that the SGX talks were still at an
early stage as Saudi Aramco reviews several markets including
New York, London, Hong Kong and Japan.
"This transaction is very open and in the public space. The
key thing is there is quite a bit of time for due diligence and
SGX is keen to play up its international appeal in this sector,"
said one source.
Aramco, which is slated to list in 2018, could also interest
Singapore's sovereign wealth fund GIC Pte Ltd, another source
told Reuters, but a decision on the size of stake would depend
on Aramco's financial details and valuation.
Saudi Aramco and GIC declined comment, while SGX said in a
statement that it was the world's most international exchange
and "offered unique access to Southeast Asia's markets".
SGX has taken measures to boost market liquidity and attract
large IPOs but it has mostly become a large Asian centre for
Real Estate Investment Trusts listings.
In pitching for Aramco, Singapore is playing up its
emergence as one of the world's leading oil trading centres,
which is also home to 80 percent of the top 30 oil and gas
Last November, SGX and Japan's TOCOM announced they would
join forces in order to co-list Asian LNG and electricity
Singapore has so far been seen to lack a big enough consumer
base to warrant a real trading hub, although investors and
market participants appreciate Singapore's well established
trading regulations, as well as the fact that English is its
(Reporting by Anshuman Daga and Saeed Azhar, additional
reporting by Reem Shamseddine in Riyadh; editing by Susan