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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)

Saudi Aramco, the world’s top oil exporter, will hold its first general assembly Monday after its partial initial public offering (IPO) in the Saudi market.

Aramco's board of directors issued a statement inviting its shareholders to attend its first ordinary general assembly through the Tadawulaty system.

The statement said the meeting will be held online following the directives of the Capital Market Authority (CMA), which called for the suspension of physical attendance of general assembly meetings until further notice, and urged all companies to hold such meetings remotely.

This also comes in line with the precautionary measures issued by health authorities to limit the spread of COVID-19.

In order to be able to attend the meeting and vote, Aramco encouraged all its shareholders to register via the Tadawulaty system.

The eligibility to participate in the general assembly meeting and vote electronically on its agenda will be for shareholders that are registered in Saudi Aramco’s shareholders register at the Securities Depository Center (Edaa) as of the end of the trading session on the general assembly meeting day, and as per the relevant rules and regulations, according to the statement.

The company explained that the ordinary general assembly meeting shall be valid only if it is attended by one or more shareholders representing at least one quarter of the ordinary shares, provided that the state is represented.

However, if the quorum is not satisfied, a second meeting shall be held one hour after the designated period for the first meeting has ended. The second meeting shall be valid regardless of the number of ordinary shares represented, provided that the State is represented.

The statement announced that the attendees will vote on the report for the FY 2019. It will also appoint an external auditor and determine their fees to review and audit the company’s: financial statements for Q2 and Q3 for FY 2020, annual financial statements of FY 2020, and financial statements for Q1 of FY 2021.

Electronic voting started last Thursday and will continue until the general assembly meeting is concluded.

Meanwhile, Aramco’s shares closed trading Sunday at $8.3, while Saudi shares closed at a 0.8 percent gain, a 54-point increase.

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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP

Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada's economy since the end of the Second World War to enable it to "stand up" to Donald Trump.

Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president's threats to Canada's economy and sovereignty.

Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.

At his first press conference since his victory, Carney struck a determined note.

Known for weighing his words carefully, he said that he was "in politics to do great things, not to be something."

"And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust," he said.

Canada's strained relations with the United States -- historically, its close ally and biggest trading partner -- was among his "immediate priorities," he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.

Canadians elected him "to stand up to President Trump," he said, adding that he will act "with focus and determination."

"Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations," said Carney.

But he warned also not to expect any "white smoke" from their first meeting signaling a sudden breakthrough.

Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors "based on steadily increasing integration is over."

"The questions now are how our nations will cooperate in the future," he said.

Trump "respects strength," he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.

The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.

Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington's measures were in place.

"This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy," Carney said.

To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with "reliable allies."

"Canada has what the world needs, and we uphold the values the world respects," he said.