SAUDI ARABIA

Saudi Arabia transfers 4% of Aramco shares to Sanabil Investments

April 16, 2023
Crown Prince and Prime Minister Mohammed Bin Salman announced the transfer of 4 percent of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments)
Crown Prince and Prime Minister Mohammed Bin Salman announced the transfer of 4 percent of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments)

JEDDAH — Saudi Arabia has transferred 4 percent of Saudi Aramco’s total issued shares from the State’s ownership to the Saudi Arabian Investment Company (Sanabil Investments), Crown Prince and Prime Minister Mohammed Bin Salman announced on Sunday.

The Saudi Arabian Investment Company (Sanabil Investments) is a wholly owned company of PIF.

The Crown Prince said that the State will remain Saudi Aramco’s largest shareholder following the transfer, with total ownership of 90.18 percent of the company’s shares.

“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.”

Prince Mohammed added 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. — SG


April 16, 2023
2825 views
HIGHLIGHTS
SAUDI ARABIA
2 hours ago

Saudi Cup 2024 kicks off on Friday with $37.6 million in prize money

SAUDI ARABIA
2 hours ago

Neom unveils Elanan, a wellness oasis where luxury meets nature

SAUDI ARABIA
3 hours ago

Saudi Media Forum awards highlight innovation and excellence in journalism