Wednesday, 11 Dec 2019 05:28 PM MYT
Aramco’s shares surged the maximum permitted 10 per cent on their Riyadh stock market debut today, following the state-controlled oil giant’s record US$25.6 billion initial public offering . “The proceeds will be used largely, maybe not totally, in the local economy, in projects where the PIF will be the first mover which then basically pulls more private sector participation ... so the money will remain in the system mostly,” Finance Minister Mohammed al-Jadaan told Reuters.
Jadaan said the fact that one third of the share sale was covered by individual Saudis was positive for “wealth retention and savings”, and that key IPO buyers were Saudi investors who would normally keep money outside the kingdom.
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