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Saudi Arabia hails 10 percent debut jump in Aramco shares


11 Dec 2019

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Saudi Aramco shares surged the maximum permitted 10 percent above their IPO price on their Riyadh stock market debut on Wednesday, in a move hailed by the government as a vindication of its towering $2 trillion (£1.56 trillion) valuation of the state oil company.

The shares closed at 35.2 riyals ($9.39) each, up from the initial public offering (IPO) price of 32 riyals and at the daily limit of price moves allowed by the Tadawul exchange.

That gives Saudi Arabian Oil Co (Aramco) a market value of about $1.88 trillion, comfortably making it the world’s most valuable listed company and closing in on the $2 trillion price tag long coveted by Saudi Crown Prince Mohammed bin Salman.

Click here for full Reuters article

Source: Reuters





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