Saudi Aramco may sell more shares if market is right: PIF

DUBAI: Saudi Aramco may consider selling more shares if market conditions are right, the head of Saudi Arabia’s sovereign wealth fund told a news briefing on Tuesday.

The Saudi government sold more than 1.7% of Aramco in a 2019 initial public offering that raised a record $29.4 billion, triggering more IPOs in the kingdom, which is also seeking to deepen its capital markets to reduce its reliance on oil.

Yasir al-Rumayyan, who is governor of Saudi Arabia’s Public Investment Fund (PIF), made the comments during a media briefing to give details on the PIF’s five-year plan.

The PIF, whose holdings include a stake in Uber, plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, making it one of the world’s biggest sovereign wealth funds.

Initially the government had wanted to list Aramco on the Saudi bourse and an international stock exchange, but an overseas listing plan was shelved.

Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion, behind the world’s most valuable company, Apple.