(MENAFN – Gulf Times) Saudi Arabia’s Crown Prince Mohamed bin Salman has said that Saudi Aramco will sell more shares as part of plans to bolster the country’s main sovereign wealth fund.
Aramco, the world’s biggest oil company, completed the world’s largest initial public offering in late 2019, raising $25.6bn and later selling more shares to raise the total to $29.4bn.
The proceeds of that offer were transferred to the Public Investment Fund (PIF), Prince Mohamed’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues.
‘There will be Aramco share offerings coming in the coming years, and this cash will be transferred to the Public Investment Fund, said Prince…