TMX Group, owner of the Toronto Stock Exchange, said on Wednesday that it is in talks with Saudi Arabia over the possibility of Saudi Aramco listing in Canada.
The IPO, which Saudi officials expect to value the oil producer at a minimum of $2 trillion, is the centerpiece of a Saudi Arabian government plan to transform the economy by attracting foreign investment and diversifying away from oil.
TMX said the talks were part of efforts by a consortium of representatives from across Canada’s capital markets to establish relationships with key business and government leaders in Saudi Arabia.
“As part of this unique, collaborative initiative, we are dedicating a portion of our effort toward attracting the Saudi Aramco IPO to TSX,” Nick Thadaney, President and CEO, TMX Global Equity Capital Markets said in a statement emailed to Reuters.
TMX said its officials have been to Saudi Arabia on two occasions, last October and again last month, to meet with Saudi officials.