Donald Trump urges Saudis to list Aramco on NY stock exchange

The Aramco IPO is expected to be the largest in history, raising around US$100 billion (S$136 billion) in much-needed revenue for the kingdom.
The Aramco IPO is expected to be the largest in history, raising around US$100 billion (S$136 billion) in much-needed revenue for the kingdom.PHOTO: REUTERS

WASHINGTON (AFP) - US President Donald Trump on Saturday urged Saudi Arabia to choose Wall Street as a venue for the initial public offerings of shares of oil giant Aramco in 2018.

"Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!" Trump tweeted from Hawaii, ahead of a trip to Asia.

The Aramco IPO is expected to be the largest in history, raising around US$100 billion (S$136 billion) in much-needed revenue for the kingdom.

Aramco, which controls Saudi Arabia's massive energy assets, plans to list nearly five percent of its shares in the stock market.

Plans are to list the offering in the second half of 2018 on the Saudi stock market as well as an international exchange, with markets in New York and London vying for the offering.

CEO Amin Nasser said in an interview with CNBC television in October that the listing venue "will be discussed and shared in due course." Saudi Arabia has posted US$200 billion (S$273 billion) in deficits in the past three fiscal years due to the slump in global oil prices.