Aramco transfers 8% of shares to PIF-owned companies

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Aramco has completed the transfer of 8 per cent of its total issued shares from the state's ownership to Public Investment Fund (PIF) fully owned companies, announced Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of the PIF, reported SPA.

Following the transfer, the total State’s ownership will be 82.186 per cent of the company’s shares.

The Crown Prince indicated that the transfer of part of the State’s shares in Saudi Aramco 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. The transfer will also solidify PIF’s strong financial position and credit rating.

He concluded that PIF continues with its mandate to launch new sectors, build new strategic partnerships, localise technologies and knowledge, and create more direct and indirect job opportunities in the local market.