Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

Published May 31, 2024 1:32 AM

DUBAI, United Arab Emirates (AP) — Saudi Arabia says it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale in a corporate disclosure online on Friday. Aramco has a market value of $1.8 trillion, making it the world’s sixth most valuable company behind Microsoft, Apple, NVIDIA, Google owner Alphabet and Amazon respectively. Just 1.73% of the company, a narrow sliver, has been traded on Saudi Arabia’s stock market since the company’s 2019 IPO.

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