RIYADH, March 7 Reuters Saudi Arabia transferred an 8 stake in Aramco to companies owned by the sovereign Public Investment Fund, as the kingdom reorganises its holdings ahead of a potential public offering in the oil giant.

The stake is worth roughly 163.6 billion, according to Aramco39;s current market capitalisation, LSEG data shows.

Saudi Arabia is poised to sell more shares in Aramco later this year, sources told Reuters last month, which could boost financing for the kingdom39;s ambitious economic reform agenda known as Vision 2030.

PIF declined to comment on which entities the additional shares would be transferred to.

The fund has held a 4 stake in Aramco since 2022 and indirectly holds another 4 that was transferred last year to Sanabil, which it wholly owns.

The transfer is a continuation of Saudi Arabias longterm initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030, state news agency SPA said on Thursday, citing Crown Prince Mohammed bin Salman, who is known as MBS and chairs PIF.

The transfer will also solidify PIF39;s strong financial position and credit rating, SPA added.

PIF has raised 7 billion from two separate debt sales this year, taking advantage of strong investor demand for emergingmarket issuers.

Its total debt is estimated at around 36 billion, Global SWF said in a report dated Feb. 29, adding that the sovereign fund was unlikely to halt its borrowing spree.

Aramco39;s…