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IoD warns against tweaking rules to list Aramco shares

Aug 02, 2017, 7:41 AM EDT
(Source: claudia gabriela marques vieira/flickr)
(Source: claudia gabriela marques vieira/flickr)

The Institute of Directors (IoD) has warned that London’s impeccable track record for corporate governance would take a hit if the regulators tweak stock market rules to let the world’s largest oil company Saudi Aramco list its shares.

The warning came after the Financial Conduct Authority (FCA), the markets regulator, proposed relaxing a few conditions that sovereign-owned companies must meet to list shares in London, writes the BBC.

Aramco, estimated to be valued at $2t, plans to list 5 percent of its shares, opening the prospects of raking in hundreds of millions of dollars for investment bankers, lawyers and other advisers, notes The Guardian.

 

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