Saudi Aramco losses afflict investors with great shock, remorse

RIYADH, March 9 (YPA) – Many Saudi investors, who withdrew from their savings and borrowed to participate in the record placement of Aramco, expressed strong remorse for investing their money in the first public offering after the company lost Monday 10 percent of the value of its shares due to the large collapse of oil prices.

Shares of Saudi Aramco Oil Company fell 10 percent at the start of trading on Monday.

The company also incurred heavy losses on Sunday, when it fell from the initial public offering price of 32 riyals per share to 28 riyals, by decrease of 6.7 percent.

More than five million Saudis invested their money in the $ 29.4 billion offering, lured by national enthusiasm and promises of massive distributions and soft loans to buy the stock.

YPA