Shares of Saudi Aramco hit all-time high

Logo of Saudi Arabian Oil Co.

Saudi Arabian Oil Co.'s (Saudi Aramco) shares rose today, Feb. 23, to their highest price level since debut, at SAR 40.60.

The share closed more than 3% higher at SAR 40.55, with a traded volume of nearly 29 million shares worth SAR 1.15 billion.

Thus, the company's market capitalization rose to about SAR 8.11 trillion ($2.16 trillion).

The oil giant, established in 1988, is wholly owned by the Saudi government, with SAR 60 billion fully-paid capital, divided into 200 billion ordinary shares, without par value.

The company debuted on the Saudi Stock Exchange (Tadawul) in December 2019.

Crown Prince Mohammed bin Salman recently announced the transfer of 4% of Saudi Aramco’s shares to the Public Investment Fund (PIF).

Aramco’s primary objectives relates to all aspects of energy-related activities, including hydrocarbons, chemicals and other related and complementary industries, or any other activity within or outside Saudi Arabia.