The state oil company of Saudi Arabia Saudi Aramco converted into a joint stock company. This is stated in the official Bulletin of the Kingdom.
A change in the legal status of the associated oil company with plans to go Initial public offering (IPO).
Capital Saudi Aramco is estimated at $16 billion, or 200 billion of ordinary shares. In addition, it is expected that the Board will comprise 11 people, TASS reports.
In January 2016, Saudi Aramco announced plans to enter the stock market (IPO 5% of the shares, the package is estimated at $2 trillion). In October it was reported that the organizers face many challenges, financial, legal, and regulatory nature. Converting of Saudi Aramco into IPO may be delayed until 2019.