Saudi Aramco may sell more shares

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, Reuters reported.