Saudi Arabia has transferred 8 per cent of state oil giant Aramco’s total shares to a portfolio owned by the country’s sovereign wealth fund PIF, state news agency SPA reported on Thursday.
Following the transfer, the state’s ownership will be 82.186 per cent of the company’s shares, according to SPA.
The Kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud indicated that this transfer is part of the country’s initiatives to boost and diversify the national economy and expand investment opportunities. The transfer is also meant to solidify PIF’s strong financial position and credit rating.
(With inputs from Reuters, SPA)