Saudi Arabia's Crown Prince Mohammed bin Salman has transferred 4 percent of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund, as it tries to overhaul its energy-dependent economy.
The announcement on state media comes as the oil firm is valued just under $2 trillion.
The kingdom remains the largest shareholder in the firm with 94 percent of the company. It offered shares of the oil firm on Riyadh's Tadawul stock market in 2019.
The shares will bolster the Public Investment Fund's (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince's vehicle of choice to transform the Saudi economy and diversify away from oil revenues, according to Reuters.
Aramco's shares are up just over 4 percent so far this year, valuing the company at $1.99 trillion, behind the world's most valuable company, Apple Inc and Microsoft Corp. The shares declined 0.7 percent to 37.05 riyals at the close on Sunday.
