Saudi Arabian Crown Prince Mohammed bin Salman announced Thursday "the completion of the transfer of 8% of Saudi Aramco's total issued shares from the State's ownership" to companies fully owned by the Public Investment Fund (PIF), amounting to approximately $160 billion in value.
According to the official statement, the transfer will look to strengthen the Public Investment Fund and the credit rating. "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."
"This is a private transfer and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer," it said.
