Saudi Arabia said Sunday it will transfer 4 per cent of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 billion infusion of cash 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 per cent of the company. It offered shares of the oil firm on Riyadh's Tadawul stock market in 2019.
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