Saudi Crown Prince announces completion of transfer of 8% of Saudi Aramco’s shares to PIF’s fully-owned companies

Riyadh, Mar. 8 (BNA): His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Saudi Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund (PIF), has announced the completion of the transfer of 8% of Saudi Aramco’s total issued shares from the State’s ownership to PIF’s Fully Owned Companies.


Following the transfer, the total State’s ownership will be 82.186% of the company’s shares, Saudi Press Agency (SPA) reported.


His Royal Highness 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.


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


 


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