Connect with us

Aramco could sell more shares to benefit PIF

Saudi, Aramco, Crown Prince Mohammed bin Salman

Economy

Aramco could sell more shares to benefit PIF

Saudi Aramco, the world’s biggest oil company, could launch a second offering of shares to follow the historic initial public offering of 2019, Crown Prince Mohammed bin Salman told the Future Investment Initiative (FII) gathering.

“This will yield a cash flow transferred to the Pubic Investment Fund (PIF) to be reinvested domestically and internationally for the benefit of Saudi citizens,” the Crown Prince said.

He gave no indication as to the size of the second potential offering, nor whether it would take place on domestic or international stock markets. Aramco is currently listed on Riyadh’s Tadawul exchange.

Yasir Al-Rumayyan, governor of the PIF, who is also chairman of Aramco, said recently that the oil company could sell more “if market conditions are right.”

He also held out the prospect of Aramco selling other assets or partnering with regional and international partners, as other regional energy companies have done.

The Crown Prince said that PIF could reach its ambitious target of SR4 trillion ($1.07 trillion) assets under management by 2025 by putting a valuation on some of its assets, like NEOM and the Red Sea Development, which are currently rated as zero value by the PIF, as well as by privatizing other companies in which it holds stakes.

Contents published under this byline are those created by the news team of WeeklyBlitz

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Economy

Advertisement

Trending

Newsletter Subscription

Advertisement

Facebook

Advertisement

More…

Latest

Advertisement
To Top