Saudi Aramco Transfers 4% Stake to Sovereign Wealth Fund... Worth 96 Trillion Won

[Image source=Yonhap News]

Saudi Arabia's state-owned oil company Aramco has decided to transfer $80 billion (approximately 96 trillion won) worth of shares to the Public Investment Fund (PIF), SPA news agency reported on the 13th (local time). This corresponds to 4% of Aramco's total shares.

Crown Prince Mohammed bin Salman issued a statement on the same day, claiming that this move will help restructure the national economy. SPA explained that even after the share transfer, the Saudi government will retain more than 94% of Aramco's shares. Aramco emphasized that this measure will not affect the company's operational strategy, dividend policy, or the number of issued shares.

Recently, the Wall Street Journal (WSJ) reported that Aramco is pursuing an additional listing of shares worth $50 billion (approximately 60 trillion won). Previously, in December 2019, Aramco raised $29.4 billion (approximately 35 trillion won) by offering shares equivalent to 1.5% of its total shares through an initial public offering (IPO). Crown Prince Mohammed also revealed in an interview with a state broadcaster in April last year that discussions were underway regarding the additional sale of 1% of Aramco's shares.

Aramco's market capitalization approaches $2 trillion, making it the world's fourth-largest company after Apple, Alphabet (Google), and Microsoft. It is reported that Crown Prince Mohammed intends to accelerate 'post-oil' economic reforms through the sale of Aramco shares and other measures.

This content was produced with the assistance of AI translation services.