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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.
