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Saudi Aramco May Sell More Shares if Market is Right, Says PIF

Saudi Aramco May Sell More Shares if Market is Right, Says PIF

Tuesday, 26 January, 2021 - 18:15
The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. (Reuters)

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.

Governor Saudi Arabia’s Public Investment Fund (PIF) Yasir al-Rumayyan 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, Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, said on Sunday, making it one of the world’s biggest sovereign wealth funds.

Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion.

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