Oil giant Saudi Aramco to change its legal status:
"Saudi Arabia is changing the legal status of state energy giant Saudi Aramco in a sign it is pressing ahead with plans for a 2018 initial public offering that is tipped to be the biggest ever. The move to bring the state-backed company’s status in line with other Saudi corporations is a concrete step towards a stake sale, though questions remain over the kingdom’s readiness and willingness to list the company internationally. The kingdom has said it wants to sell 5 per cent of Saudi Aramco in a stock market flotation, as the centrepiece of ambitious plans to reform the country’s economy led by powerful Crown Prince Mohammed bin Salman. Prince Mohammed believes the listing could value the company at $2tn, although industry analysts predict a much smaller figure."
'via Blog this'
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