Saudi Crown Prince announces transfer of 4% stake in Aramco to PIF’s Sanabil

Saudi Crown Prince announces transfer of 4% stake in Aramco to PIF’s Sanabil

Riyadh – Mubasher: Saudi Arabia’s Crown Prince Mohammed bin Salman announced the completion of transferring 4% equity of Saudi Arabian Oil Company’s (Aramco) total issued shares from the state's ownership to the Saudi Arabian Investment Company (Sanabil Investments), a wholly-owned firm of the Public Investment Fund (PIF).

The stake transfer will solidify the Saudi sovereign wealth fund’s strong financial position and credit rating, according to the Saudi Press Agency (SPA).

The state will remain the largest shareholder of Aramco following the transfer, holding 90.18% of the listed company’s shares, said Bin Salman, who is the Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the PIF.

The Crown Prince highlighted that transferring the 4% equity is a continuation of the Kingdom’s long-term initiatives to endorse and diversify the national economy in addition to expanding investment opportunities in line with Saudi Vision 2030.

He added that the PIF continues with its mandate to launch new sectors, besides forming new strategic partnerships, localising technologies and knowledge, and creating additional direct and indirect jobs in the local market.

It is worth noting that in 2019, the PIF acquired a 40% equity in a joint venture (JV) between Aramco and Jacobs Engineering Group.