Mohammad bin Salman, Saudi Arabia’s Crown Prince and Prime Minister, has completed the transfer of 4% of Aramco shares worth almost $80 billion to Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund (PIF).
Crown Prince Mohammed bin Salman stated that the transfer of a portion of the kingdom’s stake in Aramco is part of the country’s long-term Vision 2030 measures to develop and diversify the economy and expand investment opportunities.
Following the transfer, the state holds more than 90% of Aramco’s shares
Following the transfer, the state holds more than 90% of Aramco’s shares, making it the largest shareholder in the company as a whole. It was in February 2022 that Saudi Arabia first announced plans to transfer Aramco’s stake to the sovereign wealth fund.
The energy behemoth stated that the deal will have no impact on its operations, strategy, dividend distribution policy, or governance system
The transfer, according to Aramco, was a private transaction between the government and the state fund: “The company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from that transfer.”
The energy behemoth stated that the deal will have no impact on its operations, strategy, dividend distribution policy, or governance system. In late 2019, Aramco conducted the world’s largest initial public offering, raising $29.4 billion, which was transferred to the PIF.