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Aramco Converts to Joint Stock Company Ahead of IPO

The listing could raise up to $100billion and could go ahead in the second half of 2018.

Saudi Aramco has been converted to a joint stock company to pave the way for an initial public offering later this year.

Details of the change were published in a cabinet decree today.

Saudi companies have to make the move ahead of listing, an unidentified senior official at Aramco told Reuters.

The company intends to sell up to 5% of its shares as part of the kingdom’s plans to reduce its dependence on oil.

The listing could raise up to $100billion and could go ahead in the second half of 2018.

 

News Code: 
11780
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Aramco Converts to Joint Stock Company Ahead of IPO

The listing could raise up to $100billion and could go ahead in the second half of 2018.
Parvin Faghfouri Azar
Saudi Aramco has been converted to a joint stock company to pave the way for an initial public offering later this year.Details of the change were published in a cabinet decree today.Saudi companies have to make the move ahead of listing, an unidentified senior official at Aramco told Reuters.The company intends to sell up to 5% of its shares as part of the kingdom’s plans to reduce its dependence on oil.The listing could raise up to $100billion and could go ahead in the second half of 2018. 
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