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  • 27-01-21

    Saudi Aramco to sell more shares in oil giant if market in right condition

    (MENAFN)The head of the Kingdom’s sovereign wealth fund, Yasir Al-Rumayyan, stated in a televised news briefing that Saudi Aramco may consider selling more shares in the oil giant if market conditions are stable.

    The Saudi government sold more that 1.7 percent of Aramco in an early public offering (IPO) in 2019 that increased a record USD29.4 billion.

    The listing has triggered more IPOs in the Kingdom, which is also looking for extending its capital markets under reforms targeted at reducing its reliance on oil.

    Al-Rumayyan declared that there is no direct link amid the balance sheet and finances of Aramco and Saudi Arabia’s Public Investment Fund (PIF) and any listing would depend “if they see the right market is in the right condition.”

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