Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

CAIRO: Saudi Arabia’s Crown Prince Mohammed bin Salman announced the transfer of 4% of Saudi Aramco shares to the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, state news agency SPA reported on Sunday.

The crown prince said the state remains the largest shareholder in Saudi Aramco after the transfer process, as it owns more than 94% of the company’s shares.

Aramco said in a boruse filing that “this is a private transfer between the State and PIF, and the Company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer.”

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It added that the transfer will not affect the company’s total number of issued shares, and “the shares transferred will rank equally alongside other existing ordinary shares in the Company.”

Aramco assured shareholders that the transfer does not have an impact on “the Company’s operations, strategy, dividends distribution policy or governance framework.”