RIYADH, Saudi Arabia (AP) – Saudi Arabian oil company Aramco has surpassed Apple to become the world’s most valuable company.
Its shares jumped 10% in today’s stock market debut. The market flotation is part of the country’s ambitious shift away from the very fossil fuels the economy depends on.
The shares’ rally on the Saudi exchange brought state-owned Aramco’s value to $1.88 trillion.
The 1.5% of the company that is listed has raised $25.6 billion, a record for an initial public offering.
Despite the success of the sale, the kingdom’s decision not to list the company on a larger foreign exchange points to concerns that a global flotation would raise such as greater disclosure rules and foreign laws.