The share price fluctuated sharply in the first hour of trading on Thursday before steadying above 38 riyals a share., which closes at 1200 GMT, are allowed to fluctuate by a maximum of 10% each day.
Tadawul witnessed one of its most hectic trading sessions on Thursday, with some 200 million Aramco shares – worth more than $2 billion – changing hands. Thursday is the last weekly trading day in Muslim Saudi Arabia. Trading resumes on Sunday, December 15.to overhaul the oil-reliant economy by raising funds to pour into megaprojects and non-energy industries such as tourism and entertainment.to subscribe to its IPO, Aramco guaranteed that it will distribute dividends of at least $75 billion a year until 2024.
The $25.6-billion proceeds from the Aramco IPO are expected to be channeled into the coffers of the Public Investment Fund, the Saudi sovereign wealth fund, which will invest it in mega projects. Once one of the most secretive companies in the world, Aramco opened its accounts this year and announced that it posted $111 billion in net profit in 2018, making it the most profitable company in the world.
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