Saudi Aramco may sell more shares if market is right: PIF By Reuters

© Reuters. FILE PHOTO: 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

DUBAI (Reuters) – Saudi Aramco (SE:) 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.

Yasir al-Rumayyan, who is governor of Saudi Arabia’s Public Investment Fund (PIF), 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 (NYSE:), plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, making it one of the world’s biggest sovereign wealth funds.

Initially the government had wanted to list Aramco on the Saudi bourse and an international stock exchange, but an overseas listing plan was shelved.

Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion, behind the world’s most valuable company, Apple (NASDAQ:).

($1 = 3.7508 riyals)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*