Trump pushes Saudi Arabia to list Aramco on NYSE

Trump’s tweet came out of the blue for Saudi Aramco according to a person familiar with the company who asked not to be named

"Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange", the US President tweeted. Aramco is the largest energy company in the world, and experts say its equity sale could be the largest in stock market history. "Important to the United States". Important to the United States!

Aramco, the largest oil company in the world with a market value estimated to fall somewhere between $2 and $10 trillion, will likely go on record as the largest initial public offering in the world.

While it is expected to list its shares on Saudi Arabia's own stock market, known as Tadawul, it's also expected to do what's known as a dual listing with another stock exchange internationally.

The Saudi government may also be reluctant to list Aramco on NYSE because doing so may require greater disclosure of sensitive company information than listing in London or Hong Kong, or seeking private financing. However the state-owned oil giant's finances have always been opaque and there is reportedly concern that a public listing in NY or London could bring with it unwanted scrutiny and demands for transparency by shareholders.

First order of business: bolstering the New York Stock Exchange.

But the President has sought to entice the company across the pond. Several global companies have dual listings with the NYSE, including Chinese technology giant Alibaba, Japanese automakers Toyota and Honda and European banks like Deutsche Bank and UBS.

Trump visited Saudi Arabia in May, signing a USD110 billion defence deal with Saudi King Salman to supply weapons to Saudi Arabia's defence forces.

The listing of Aramco is believed to be the focus of an ambitious plan, known as Vision 2030, launched by Saudi Arabia's powerful Crown Prince Mohamed bin Salman to diversify the kingdom's oil-reliant economy.



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