Saudi Arabia on Thursday said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's PIF sovereign wealth fund, according to state media.  Aramco is the jewel of the Saudi economy and the main source of revenue for de facto ruler Crown Prince Mohammed bin Salman's ambitious economic and social reform program known as Vision 2030.

The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities", SPA said.

The stake was worth "roughly $164 billion" at the company's current market capitalization, an Aramco media officer told AFP.

The move brings the state's ownership of Aramco shares to 82.19 percent, SPA reported, with a cumulative 16 percent transferred to the PIF and its subsidiaries.

Read the full story at Manila Bulletin