Saudi Arabia transferred a new tranche of shares of the Saudi oil giant on Thursday Aramcowhich represents 8% of the capital, to companies owned by the country’s sovereign fund.
Saudi Crown Prince Mohamed Bin Salmanannounced the completion of the transfer of 8% of the total shares issued by Aramco from State ownership to companies owned 100% by the Public Investment Fund (PIF)“said the official SPA press agency, specifying that the State’s share will amount to 82.186%, compared to 16% of the PIF.
The oil monarchy had transferred a first tranche of shares in 2022, of 4%, to its sovereign fund in 2022, followed by a second transfer last year, for the same number of shares, which represented close to US$80 billion at that time.
This new operationIt is part of the extension of Saudi Arabia’s long-term initiatives aimed at stimulating and diversifying the economy (…) within the framework of Vision 2030, a broad reform program carried out by the crown prince and de facto leader of the kingdom, who also heads the PIF”stated SPA.
He added that “will also reinforce the strength of the financial position and credit rating of the PIF”.
Aramcoa formerly fully state-owned company, was successfully listed on the Riyadh stock exchange in December 2019.
Source: Gestion
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