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With Aramco IPO planning ending 2017 on a muted note, the state energy giant has started this year on a positive footing.
In a key move towards achieving the 5% equity share listing – officially planned for the second half of this year – Riyadh on 1 January announced it was changing Aramco’s status from a limited liability company to a joint-stock company.
The move will enable it to issue shares and be regulated like other companies. The change will also affect wholly-owned subsidiaries, such as some domestic refineries.
Riyadh also announced that Aramco will now have a board of 11 members, with six nominated by the state. Aramco’s board currently comprises nine members: six senior Saudi officials and three independent. (CONTINUED - 1069 WORDS)