Business

Trump urges Saudi Aramco to list on NYSE

WASHINGTON/KHOBAR, SAUDI ARABIA US President Donald Trump publicly appealed for Saudi Arabia to list national oil company Saudi Aramco's shares in New York, intervening in a battle among the world's top stock exchanges.

"Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange (NYSE)," Mr Trump tweeted.

"Important to the US."

Mr Trump did not say why he raised the issue at this time or whether he was responding to any information about the NYSE's bid. But by describing the listing as a priority for Washington, he could help sway the Saudis' decision.

The Saudi government, seeking to raise money as low oil prices strain its finances, plans to sell about 5 per cent of Aramco next year in a sale officials say could raise about US$100 billion (S$136 billion), making it the world's largest initial public offer ever.

Saudi authorities have said that they intend to list Aramco in Riyadh and on one or more foreign exchanges, setting off a competition among New York, London, Hong Kong, Tokyo and other bourses.

NYSE Group president Thomas Farley said last week that he had not given up on the IPO and was in talks with Saudi authorities. While Mr Trump's tweet named the New York Stock Exchange, it did not mention rival Nasdaq Inc, which is also vying for the Aramco listing. - REUTERS

donald trumpSaudi Arabiastock market