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13-02-22
Saudi Arabia moves 4 percent of Aramco stakes to Public Investment Fund
(MENAFN) Saudi Arabia's Crown Prince Mohammad bin Salman stated that 4 per cent of Saudi Arbian oil company Aramco's stakes have been moved to the Kingdom’s sovereign wealth fund, also referred to as the Public Investment Fund, to aid in reforming the economy.
Based on the state-run Saudi Press Agency (SPA), the move is also a segment of PIF's schemes to increase its holdings under control to four trillion Saudi riyals (USD1.07tn) by the year 2025.
According to SPA statement quoting the crown prince who is also chairperson of PIF, the country remains the biggest stockholder in Saudi Aramco after the transmission as it still possesses over 94 per cent of the firm’s stocks.
MENAFN13022022000045013568ID1103686783
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