Aramco may sell more shares, sovereign wealth fund governor says

Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, made the announcement during a media briefing about PIF’s five-year plan.

The Saudi Arabian government sold more than 1.7 percent of Aramco in a 2019 initial public offering that raised a record $29.4bn [File: Maxim Shemetov/Reuters]
The Saudi Arabian government sold more than 1.7 percent of Aramco in a 2019 initial public offering that raised a record $29.4bn [File: Maxim Shemetov/Reuters]

Saudi Arabia’s oil giant Saudi Aramco may consider selling more shares if market conditions are right, the head of Saudi Arabia’s sovereign wealth fund told a news briefing on Tuesday.

The Saudi government sold more than 1.7 percent of Aramco in a 2019 initial public offering (IPO) that raised a record $29.4bn, triggering more IPOs in the kingdom, which is also seeking to deepen its capital markets to reduce its reliance on oil.

Yasir Al-Rumayyan, who is the governor of Saudi Arabia’s Public Investment Fund (PIF), made the comments during a media briefing to give details on the PIF’s five-year plan.

The PIF, whose holdings include a stake in Uber, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Crown Prince Mohammed bin Salman said on Sunday, making it one of the world’s biggest sovereign wealth funds.

Initially, the government had wanted to list Aramco on the Saudi bourse and an international stock exchange, but an overseas listing plan was shelved.

Aramco shares closed 0.1 percent lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion, behind the world’s most valuable company, Apple.

Source : Reuters

Related

More from Economy
Most Read