The head of the United Kingdom's Financial Conduct Authority admitted on Friday that he met Saudi Aramco earlier this year regarding a possible $2 trillion initial public offering in London. "We emphasized during those conversations that we were reviewing the listing regime," Andrew Bailey revealed.
His's statement comes after the watchdog released proposals in July that met criticism over easing rules with an aim to attract the biggest stock market flotation in history when the oil giant lists its shares. Two parliamentary select committees wrote to the financial regulator to ask for an explanation about the proposals.
Saudi Aramco is planning to list around 5% of its stocks and the current rules say companies have to sell at least 25% of their shares to gain a premium status. FCA's proposals would allow the oil corporation to avoid those rules.
