RIYADH, Saudi Arabia (AP) — Saudi Arabian oil company Aramco surpassed Apple to become the world's most valuable company Wednesday, when its shares jumped 10% in a stock market debut that's part of an ambitious shift away from the very fossil fuels the country's 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. Listing shares outside Saudi Arabia would open up the company to greater disclosure rules and expose it to foreign l