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

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.