Saudi Arabia has changed the status of national oil firm Aramco to a joint-stock company as of January 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 sale of around 5 per cent of Aramco, expected to go ahead.....