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Saudi Arabia: Saudi Aramco inches closer to IPO with new corporate status
The Riyadh government converted Saudi Arabian Oil Company (Aramco) into a SR60bn joint stock company on 1 January, in another step towards an initial public offering (IPO) for the oil giant. The change will enable shares to be issued and traded in the future and is a sign the government is pushing ahead with its plans to sell up to 5% of the shares in Aramco, despite persistent speculation that the process could be delayed or replaced by a private placement of shares.
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