Aramco to launch more share sales, Saudi Crown Prince said

Mohammed bin Salman said that Saudi Aramco will sell more shares within the scope of plan to boost the leading sovereign wealth fund of the country.

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On Thursday, the de-facto ruler of the Kingdom of Saudi Arabia, Mohammed bin Salman (MbS), spoke at the Future Investment Initiative conference. He said that Aramco will make more share sales in the years ahead.

The cash to be acquired from these sales will be transferred to the Public Investment Fund (PIF), Crown Prince added. PIF has come to the fore with the spearhead of Saudi investments in recent years. It is known that Prince Selman aims to diversify the Saudi economy through PIF investments.

Saudi Aramco, one of the most valuable companies in the world, achieved the world’s largest initial public offering in late 2019. As a result, the company raised approximately $26 billion. This amount was raised to $29.4 billion through the sale of more shares.

According to official closing data, Aramco’s shares value decreased by 0.14 percent at 34.75 riyals ($9.26), above its IPO price of 32 riyals.

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