Saudi Aramco may sell more shares if market conditions are right: PIF

Saudi Aramco may sell more shares if market conditions are right: PIF

Saudi Aramco's shareholders may consider selling more shares of the company if market conditions are right, the head of the kingdom's sovereign wealth fund (PIF), Yasir al-Rumayyan, said on Tuesday in a televised news briefing.

FILE PHOTO: Logo of Aramco is seen as security personnel walk before the start of a press conferenc
FILE PHOTO: The 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, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

DUBAI: Saudi Aramco's shareholders may consider selling more shares of the company if market conditions are right, the head of the kingdom's sovereign wealth fund (PIF), Yasir al-Rumayyan, said on Tuesday in a televised news briefing.

The Saudi government sold over 1.7per cent stake in Aramco in an initial public offering (IPO) in 2019 that raised a record US$29.4 billion.

The listing has triggered more IPOs in the kingdom, which is also seeking to deepen its capital markets under reforms aimed at reducing its reliance on oil.

(Reporting by Yousef Saba and Saeed Azhar; editing by David Evans)

Source: Reuters

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