Saudi Aramco reaches $2 trillion value in day 2 of trading

Sun Online Desk

13th December, 2019 02:45:15 printer

Saudi Aramco reaches $2 trillion value in day 2 of trading

Shares in Saudi Aramco gained on the second day of trading Thurday, propelling the oil and gas company to a more than a $2 trillion valuation, where it holds the title of the world's most valuable listed company.

Shares jumped in trading to reach up to 38.60 Saudi riyals, or $10.29 before noon, three hours before trading closes, reports AP.

Aramco has sold a 1.5% share to mostly Saudi investors and local Saudi Gulf-based funds.

With gains made from just two day of trading, Aramco sits comfortably ahead of the world's largest companies, including Apple, the second largest company in the world valued at $1.19 trillion.

Crown Prince Mohammed bin Salman is the architect of the effort to list Aramco, touting it as a way to raise capital for the kingdom's sovereign wealth fund, which would then develop new cities and lucrative projects across the country that create jobs for young Saudis.

He had sought a $2 trillion valuation for Aramco when he first announced in 2015 plans to sell a sliver of the state-owned company.