Saudi Aramco is officially the most valuable listed company in history, touches $2tn in value on second day of trading | World Defense

Saudi Aramco is officially the most valuable listed company in history, touches $2tn in value on second day of trading

UAE

SENIOR MEMBER
Joined
Nov 28, 2014
Messages
1,642
Reactions
924 11
Country
USA
Location
United Arab Emirates
Saudi Aramco is officially the most valuable listed company in history, touches $2tn in value on second day of trading


images.jpg


When Saudi Aramco made its share market debut yesterday, it sent the company’s value soaring to record-smashing figures within seconds.
The state-owned oil giant – which processes 10 per cent of the world’s oil – is now officially the world’s most valuable public company.
As Aramco shares began to be traded for the first time in capital city Riyadh on Wednesday, their shares rose by 10 per cent within “seconds” – the maximum daily increase allowed – according to the New York Times.
That meant the company’s value soared to $US1.88 trillion ($A2.73 trillion), smashing Apple’s $1.19 trillion.
However, it falls short of the ambitious goal set by Crown Prince Mohammed bin Salman several years ago when he announced the firm would have a $US2 trillion valuation.
The kingdom initially planned to sell a bigger stake in the company, but it was revised down to a 1.5 per cent slice.

While some experts have been keen to paint the move as a fail, given the company has not matched its $US2 trillion valuation and has also been unable to achieve a global listing, prominent financial newsletter Finimize argues a “further increase before the end of the week could see it cross the $2 trillion mark after all”.
The Aramco sale is the result of the Crown Prince’s plan to shake up the local economy and diversify away from oil.
All profits will be added to the country’s sovereign wealth fund, with non-energy industries now firmly on Saudi Arabia’s agenda, along with several megaprojects and also tourism, with new tourist visas launched in September for first time in the kingdom’s history.
 

Top