Riyadh –  Saudi Arabian Oil Company (Aramco) stated that the 4% stake transfer transaction that was concluded in favour of the Saudi Arabian Investment Company (Sanabil Investments) will not affect Aramco’s total number of issued shares, according to a bourse disclosure.

The transferred shares will rank equally alongside other existing ordinary shares in Aramco.

Aramco also noted that the transaction does not have an impact on its operations, strategy, dividends distribution policy, or governance framework.

Declaring that it is a private transfer between the state and Sanabil Investments, Aramco said that it “is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer.”

Earlier today, Saudi Arabia’s Crown Prince Mohammed bin Salman announced the completion of transferring 4% equity of Aramco’s total issued shares from the state's ownership to Sanabil Investments, which is fully owned by the Saudi sovereign wealth fund PIF.

Following the transfer, the state remains Saudi Aramco’s biggest shareholder, retaining 90.186% shareholding.

It is worth noting that Aramco generated net profits after Zakat and tax worth SAR 604.01 billion in 2022, while its revenues soared to SAR 2 trillion.

The oil giant, meanwhile, plans to increase its capital to SAR 90 billion to be distributed over 242 billion shares, compared to SAR 75 billion and 220 billion shares.

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