Saudi Aramco regained the top spot in the largest listed companies around the world, after its share closed on Sunday at 35.95 riyals ($ 9.59), bringing the company’s market value to 7.19 trillion riyals ($ 1.917 trillion), despite the decline in oil prices.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper, Saudi Aramco, the largest oil company in the world, outperformed Apple, the American manufacturer of iPhone phones, after its market value fell to 1.915 trillion dollars, according to the stock closing last Friday at $ 112, down 1.3 in Cent.
The decline in Apple’s stock comes with the wave of selling that is sweeping the shares of technology companies after a resounding rise in the shares of these companies since the outbreak of the Corona pandemic.
The Saudi oil giant remained at the top of the list since its listing on the local stock market on December 11, 2019, until last August, after which the American company was able to occupy the first place, supported by the resounding rise of technology companies taking advantage of the outbreak of the Corona pandemic.
Saudi Aramco had become the largest listed company in the world as soon as it was listed at market value at the time, as its value according to the subscription price (32 riyals) was about $ 1.71 trillion, and then the maximum percentage rose on its first trading day (December 11, 2019) to close at 35.2 riyals. Which raised its market value to $ 1.88 trillion.
Saudi Aramco recorded the highest value since the sale on December 16, 2019, when the stock closed at 38 riyals, so its market value jumped to $ 2.027 trillion, while the lowest market value was recorded on March 16, 2020, with the outbreak of “Corona” when The stock closed at 27.8 riyals, which brought the company’s market value down to $ 1.483 trillion.
“Aramco Saudi Arabia”
Saudi Aramco, the largest oil company in the world, produces one out of every eight barrels produced worldwide.
Saudi Aramco offered 3 billion shares (1.5 percent of its shares) for public subscription during the period from November 17 to December 4, 2019, bringing the total of the offering to 96 billion riyals ($ 25.6 billion), making it the largest In the world, he juxtaposes the $ 25 billion Chinese company Alibaba offers.
On January 12, 2020, the company announced that the total volume of the offering after the exercise of the purchase option increased to 3.45 billion ordinary shares, representing a total offering value of 110.4 billion riyals ($ 29.4 billion).
Apple – produces many products, the most famous of which are “iPhones” and “iPads” and “Mac computers”, and its founding was led by Steve Jobs.
Source: Asharqia Chamber