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DUBAI-Saudi Arabia’s Tadawul is set to impose 15% equity index cap aimed at resolving potential concerns over weighting oil giant Saudi Aramco when it lists on the exchange.
Dubai-owned company Aramco is posed to register 1.5% of its shares this month in a pact expected to raise more than $25 billion and will surpass Chinese retailer Alibaba’s initial public offering (IPO) on the New York Stock Exchange in 2014.
The Aramco IPO is viewed to be a trial for the Saudi exchange whereas a total of $6 billion was the biggest listing so far.
“Any constituent whose index weight reaches or exceeds the threshold will be capped in accordance with the set limit,” said Tadawul on Monday.
Such scheme is part of a wider update of Tadawul’s index methodology, including revamp of free float shares calculation methodology for government-owned shares.
The new measures will “ensure more balanced indices, which will accurately represent the movement of the market, enhance disclosures and transparency and minimize securities’ dominance,” Tadawul’s CEO Khalid Al Hussan said.
Tadawul disclosed that it is armed with “Fast Entry” rule which allows IPO shares to be included in the overall share equity index at the closing of fifth trading day.
The revisions will be put into execution by the end of the year.
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