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.

The Saudi government sold over 1.7% stake in Aramco in an initial public offering (IPO) in 2019 that raised a record $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.
Source: Reuters (Reporting by Yousef Saba and Saeed Azhar; editing by David Evans)