A 4% stake in Saudi Aramco has been transferred from Saudi state ownership to Sanabil Investments, the investment arm of the Public Investment Fund (PIF), Crown Prince Mohammed bin Salman said on Sunday.
The transfer brings the PIF’s total ownership in Aramco to 8%, following a similar transaction last year. The state remains the energy company’s largest shareholder, with a 90.18% stake, according to the Saudi Press Agency.
The move is part of Saudi Arabia’s efforts to diversify its economy and expand investment opportunities under Vision 2030. The crown prince said it would help maximize PIF assets and could strengthen the sovereign fund’s financial position and credit rating.
Aramco said in a statement to Tadawul that the transaction would not change the company’s total number of issued shares. It also said the transfer would have no impact on its operations, strategy, dividend policy or governance.
The oil company added that the transaction was a private transfer between the state and Sanabil, and that Aramco was not a party to it.
Riyadh-based Sanabil commits around $3 billion annually to private transactions, according to its website, including investments across venture capital, growth and small buyouts.
Source: Arab News
