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Saudi Arabia changes Aramco status to joint-stock company: official bulletin

Posted by: Admin | Posted on: January 5th, 2018 | 0 Comments

DUBAI (Reuters) – Saudi Arabia has changed the status of national oil firm Aramco to a joint-stock company as of Jan. 1, the kingdom’s official bulletin said on Friday, in a major step ahead of a planned initial public offering.

Aramco has a fully paid capital of 60 billion riyals ($16.00 billion) divided into 200 billion ordinary shares, the bulletin said. The firm’s board will have 11 members and the power to list the company in domestic and international markets, it said.

The government will retain the ultimate decision on national production levels, it said.

Reporting By Aziz El Yaakoubi

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/XpnDnryeZsk/saudi-arabia-changes-aramco-status-to-joint-stock-company-official-bulletin-idUSKBN1EU09O

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