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Dec. 12, 2019, 5:40 a.m. EST

Aramco shares climb on second day to top $2 trillion valuation

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By Associated Press

Getty Images
Saudi and foreign investors stand in front of the logo of Saudi state oil giant Aramco

RIYADH, Saudi Arabia (AP) — Shares in Saudi Aramco gained on the second day of trading Thursday, propelling the oil and gas company to a more than $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.

Aramco SA:2222 -0.45%  has sold a 1.5% share to mostly Saudi investors and local Saudi and Gulf-based funds.

With gains made from just two days of trading, Aramco sits comfortably ahead of the world’s largest companies, including Apple /zigman2/quotes/202934861/composite AAPL +1.71%  , 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.

SA : Saudi Arabia Stock Exchange
ر.س.‏ 33.15
-0.15 -0.45%
Volume: 4.80M
Aug. 12, 2020 12:00a
P/E Ratio
Dividend Yield
Market Cap
ر.س.‏6626.12 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 459.78
+7.74 +1.71%
Volume: 15.24M
Aug. 13, 2020 10:56a
P/E Ratio
Dividend Yield
Market Cap
$1932.76 billion
Rev. per Employee

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