reported Tuesday. The firms have just 0.36% and 0.37% of their shares floated, respectively.
The rest of Aramco's shares remain under government control, giving officials the ability to easily influence the firm's actions to benefit government interests. Saudi government entities alone, despite the kingdom's push to diversify its economy away from its colossal oil industry. Saudi Arabia plans to use "a lot" of the offering's proceeds on local investments, Finance Minister Mohammed Al Jadaan toldon Thursday. Other planned investments include a futuristic city estimated to cost $500 billion.
Though Aramco's listing seems to keep most power in the kingdom's hands instead of distributing it to shareholders, the same effect is achieved among most large companies.