BUSINESS | Aramco Could See More Shares To Benefit PIF, Crown Prince Tells FII

RIYADH – – Saudi Aramco, the world’s biggest oil company, could launch a second offering of shares to follow the historic initial public offering of 2019, Crown Prince Mohammed bin Salman told the Future Investment Initiative (FII) gathering.

‘This will yield a cash flow transferred to the Public Investment Fund (PIF) to be reinvested domestically and internationally for the benefit of Saudi citizens‘, the Crown Prince said.

He gave no indication as to the size of the second potential offering, nor whether it would take place on domestic or international stock markets. Armaco is currently listed on Riyadh’s Tadawful  exchange.

The Crown Prince said that PIF could reach its ambitious target of SR 4 trillion ( $1.07 trillion) assets under management by 2025 by putting a valuation on some of its assets, like NEOM and the Red Sea Development, which are currently rates as zero value by the PIF, as well as by privatizing other companies in which it holds stakes.


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