Home Industry Energy Saudi Arabia transfers 4% of Aramco stake to state wealth fund The government will still be the largest shareholder in Aramco by Bloomberg February 14, 2022 Saudi Arabia transferred 4 per cent of Aramco to the kingdom’s sovereign wealth fund amid reports about preliminary talks to offer a fresh stake in the oil giant that could raise more money than its landmark listing two years ago. The transfer of shares to the Public Investment Fund is aimed at helping to restructure the country’s economy, state-run Saudi Press Agency reported, citing Crown Prince Mohammed bin Salman. It’d also support the wealth fund’s plans to raise its assets under management to about SAR4tn ($1tn) by the end of 2025, it said. The government will still be the largest shareholder in Aramco, with more than a 94 per cent stake after the transfer. The move follows people familiar with the matter saying last week that the government has held talks with advisers on the potential second offering, which could bring in more than than its initial IPO. Aramco’s 2019 initial public offering – in which it sold about 2 per cent of its stock on the Riyadh bourse – raised almost $30bn. Tags assets IPO money Public Investment Fund Saudi Aramco 0 Comments You might also like Oil extends gain as US stockpiles tighten before driving season Saudi Arabia to use oil windfall to boost private sector Offer price for Abu Dhabi’s largest ever listing set at Dhs2.45 per share Saudi Arabia buys $1.5bn stake in Prince Alwaleed’s firm