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 , Yasir al-Rumayyan, said on Tuesday in a televised news briefing.

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 PhotoDUBAI: 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 , 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 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.

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