Trump urges Saudi Arabia to choose Wall Street for IPO of oil giant Aramco shares

United States President Donald Trump on Saturday urged Saudi Arabia to choose Wall Street as a venue for the initial public offerings (IPO) 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 $100 billion in much-needed revenue for the Saudi kingdom.

Aramco, which controls Saudi Arabia's massive energy assets, plans to list nearly 5 per cent 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 earlier in October that the listing venue “will be discussed and shared in due course".

Saudi Arabia has posted $200 billion in deficits in the past three fiscal years due to the slump in global oil prices.

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AHAQ

Nov 05, 2017 01:18am

And they will surely abide by the urge

Recommend 0

Ayesha Sadozai

Nov 05, 2017 01:40am

The Saudis and the Americans, especially Trump and co., are birds of a feather. They are greedy and materialistic, and the biggest terrorists and supporters of terrorism.

Recommend 0

Nov 05, 2017 04:26am

...Or Else!" - sincerely, D. J. Trump.

Recommend 0

Nov 05, 2017 04:40am

Please put it in brotherly country Pakistan

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Jawad

Nov 05, 2017 05:57am

The US needs Aramco to be loaded with US investors so that they get their bounty . Anyway isn’t Aramco Aran American corporation which is practically run by ththe US . Why this unwanted tweet .

Recommend 0

Nov 05, 2017 07:11am

@Jawad it was Arabian american oil company a long back but now only the name remains it is completely under Saudis and nationalised and yes Americans do work there as many other nationalities but they don't interfere in day to day operations. You can see from past 2 years Saudis themselves taking the decision to lower crude oil prices and it has nothing to do with USA.

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Javed

Nov 05, 2017 08:05am

@Go even though they are strapped for cash, they still keep lowering the price of crude @ the behest of someone who wants to bleed Russia at their expense, comprende.

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Javed

Nov 05, 2017 08:07am

@Ayesha Sadozai its been two hours since the arrests, still nothing in media.

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YOURSTRULY

Nov 05, 2017 08:30am

The way Petro China shares have plunged wiping off three quarters of its market cap, I would want to stay away from this offering.

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SHAHID SATTAR

Nov 05, 2017 09:04pm

Please chose any other exchange preferably London or Nikkei or Shanghai for the Aramco but not the New York Exchange.

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