As its shares rose by 10 % on stock market debut in Riyadh, the Saudi Aramco company has become the world’s largest listed company.
According to the Saudi channel of Al-Arabyia, Aramco shares rose 10% raising the share price to 35.2 riyals and trading 350 million riyals on Aramco shares.
The shares of the state-owned company jumped by the maximum permitted 10% above the Initial Public Offering (IPO) price on Riyadh’s Tadawul exchange giving it a value of around $1.88 trillion, close to the figure that Crown Prince Mohammed Bin Salman had aimed for.
Aramco’s IPO came as part of the crown prince’s efforts to attract investors to the oil giant while also providing funds to restructure the Kingdom’s economy away from oil.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud said during a speech at the Consultative Assembly of Saudi Arabia (Shura Council) on November 20th that the Kingdom’s oil policy seeks stability for world oil markets, adding that this policy serves producers and consumers alike.
King Salman commented on Aramco’s IPO, saying that it would allow investors inside and outside the Kingdom to take part in the world’s leading company, the Saudi foreign ministry reported.
