A 4% stake in oil major Saudi Aramco has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia’s sovereign wealth fund, Crown Prince Mohammed Bin Salman said.
The state remains Aramco’s biggest shareholder, owning 90.18% of the company, Reuters reported.
Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says.
The transfer will solidify PIF’s strong financial position and credit rating, the crown prince’s statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue.
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