Logo of Saudi Aramco
Saudi Arabian Oil Co. (Saudi Aramco) stated that the state remains its major shareholder with a 90.186% stake after transferring 4% of the latter's shares to Saudi Arabian Investment Co. (Sanabil Investments), wholly owned by the Public Investment Fund (PIF).
According to a Tadawul statement, Aramco said this is a private transfer between the state and Sanabil, 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.
The transfer will not affect Aramco’s total number of issued shares, and the shares transferred will rank equally alongside other existing ordinary shares in the company.
The transfer does not have an impact on the oil major’s operations, strategy, dividends distribution policy or governance framework.
Aramco will announce any material developments in due course as per the applicable rules and regulations.
Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Council of Economic and Development Affairs (CEDA), announced today, April 16, the completion of the transfer of 4% of the state-owned shares in Aramco to Sanabil, according to data available with Argaam.
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