Saudi TV newscast on transfer of 4% Aramco stake

Saudi Arabia’s crown prince has announced the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund.The move Sunday further boosts its coffers as the kingdom tries to expand its economy beyond oil.

Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi Arabian Investment Co., known as Sanabil Investments.Sanabil is under the sovereign wealth fund known as the Public Investment Fund.

Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the shares going to Sanabil.It said the Saudi government remains the oil firm's biggest shareholder, with over 90% of its stock.