Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the completion of a 4 percent transfer of state-owned shares in Saudi Aramco to a Public Investment Fund-owned company, the Saudi Press Agency (SPA) reported.
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The shares were transferred to the Saudi Arabian Investment Company (Sanabil Investments) that is wholly owned by the PIF, SPA added.
The state, the Crown Prince said, will continue to be Saudi Aramco’s largest shareholder with a total ownership of 90.18 percent of the company’s shares.
The Crown Prince, also the Chairman of the Board of Directors of PIF, said that this transfer is “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,” SPA said in its report.
The move will also help strengthen and solidify PIF’s strong financial position and credit rating.
The Crown Prince assured that the “PIF continues with its mandate to launch new ventures, build new strategic partnerships, localize technologies and knowledge, and create more direct and indirect job opportunities in the local market,” SPA said.
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