Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) has successfully completed the transfer of 4% of its issued shares in state oil giant Aramco - said to be valued at around $80 billion - to one of its key subsidiaries, Sanabil Investments.
Announcing this today (April 16), His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister and PIF Chairman, said the transfer of part of the state’s shares in Saudi Aramco was a continuation of Saudi Arabia’s long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030.
The transfer will also solidify PIF’s strong financial position and credit rating, stated Prince Mohammed bin Salman.
His Royal Highness pointed out that following the transfer, the state will still remain Saudi Aramco's largest shareholder with a total ownership of 90.18% of the shares.-TradeArabia News Service
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