jpmorgan sees more saudi firms looking at overseas listings
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

JPMorgan sees more Saudi firms looking at overseas listings

Arab Today, arab today

Arab Today, arab today JPMorgan sees more Saudi firms looking at overseas listings

Local companies have expressed interest to us. They are at a preliminary stage,
Abu Dhabi - Arab Today

JPMorgan is in early talks with Saudi Arabian companies about overseas listings, its investment bank chief said, raising the possibility that more firms could join oil giant Saudi Aramco in seeking an international flotation.
JPMorgan is among the banks advising Aramco on an international public offering (IPO), sources have told Reuters.
“If you want these companies to grow, they must have access to international capital markets,” Daniel Pinto, CEO of JPMorgan’s investment bank, told Reuters about the possibility of other Saudi international listings.
“Local companies have expressed interest to us. They are at a preliminary stage,” he said in an interview in Abu Dhabi.
This was the first time an influential banker has said Saudi firms other than Aramco could seek IPOs overseas. The Saudi government plans to sell about 5 percent of Aramco next year, a move that Saudi officials say could raise about $100 billion, making it the world’s largest IPO.
Pinto declined to comment on the bank’s role in the Aramco deal or to name other firms considering international listings.
JPMorgan has deep ties with the government and firms in Saudi Arabia, having worked in the Kingdom for more than 80 years.
Pinto said the bank was also in talks with other Gulf companies to list their assets overseas.
He said listings in New York, London, Hong Kong or Singapore might help increase the liquidity of these companies and make them attractive for international investors.
“When you have this type of momentum, people will see the benefit of having a stock that is very liquid. Other companies in the region will probably follow,” Pinto said.
Oman said earlier this year it planned to offer shares in some state-owned downstream energy companies to the public. Analysts and bankers have said Qatar and Kuwait may also consider plans to list energy assets.
JPMorgan was considering raising its headcount by 30 percent in Saudi Arabia over the next two to three years from 70 now, as business opportunities expand, Pinto said.
Saudi Arabia unveiled its Vision 2030 economic plan last year to diversify the economy away from oil, with proposals to float the Aramco stake and sell other state assets.
“Saudi Arabia is going through a massive transformation as they diversify their economy,” Pinto said. “Over the past year, investors have reacted positively to this news.”
The bank’s revenue from Saudi Arabia and the rest of the region is expected to be boosted by another record year of bond sales as lower oil prices curbed the ability of banks to finance investments and fund state budget deficits.
Dollar-denominated bond issuance from the Gulf has totalled about $80 billion so far this year, higher than the record $63.5 billion in the whole of 2016, Thomson Reuters data shows.
“The need to issue will still exist but be smaller next year because of higher oil prices and lower deficits and simply because so much refinancing was done this year,” Pinto said.

Source:Arabnews

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

jpmorgan sees more saudi firms looking at overseas listings jpmorgan sees more saudi firms looking at overseas listings

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

jpmorgan sees more saudi firms looking at overseas listings jpmorgan sees more saudi firms looking at overseas listings

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday