Saudi Arabia transfers 4% stake in Saudi Aramco to sovereign wealth fund
chief economist at Abu Dhabi Commercial Bank Saudi Aramco said in a statement the transfer 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 dividends distribution policy or governance framework. It added that the shares transferred would rank equally among other existing ordinary shares. Saudi officials had previously raised the possibility of Aramco share sales. The PIF did not comment. The head of the sovereign wealth fund Yasir al-Rumayyan said last year that Saudi Aramco may consider selling more shares if market conditions are right the crown prince said in a statement. The fund is the prince's vehicle of choice to transform the Saudi economy and diversify away from oil revenues. The state remains the largest shareholder in Saudi Aramco after the transfer process Saudi Arabia transfers 4% stake in Saudi Aramco to sovereign wealth fund DUBAI while the Wall Street Journal recently reported that the kingdom could target a stake sale of as much as $50 billion. Aramco valuing the company at $1.99 trillion the statement said. The transfer of existing shares would help to boost PIF's assets under management the government said on Sunday. The nearly $80 billion worth of shares will bolster the PIF's strong financial position and high credit ratings in the medium term
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