RIYADH: Shares of Aramco slipped 0.54 percent as of noon Saudi time in response to Sunday’s transfer of a company’s stake to the Saudi sovereign wealth fund.

Following an announcement by Saudi Crown Prince Mohammed bin Salman, a four percent Aramco stake, representing 8 billion shares, was transferred to the Public Investment Fund.

The crown prince said the state remains the largest shareholder in Saudi Aramco after the transfer, as it owns more than 94 percent.

The transaction boosted the fund’s value by around SR300 billion ($80 billion) as it is seeking to tap global debt markets.

With a current share price of nearly SR37, Aramco saw a stock boom amid soaring oil prices as global economic activity revived.

The oil giant’s shares hit a low of SR27.8 in 2020, according to Bloomberg.

The step aligns with efforts by the PIF to improve its asset base as it plans to tap debt markets globally “while continuing to receive stable flows of capital funding from its government during the growth stage of its operations,” the PIF said earlier.