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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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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)

The Saudi-Yemeni Business Council, part of the Federation of Saudi Chambers, announced six initiatives to boost trade and support Yemen’s economic development at a meeting in Makkah, Saudi Arabia.
Over 300 Saudi and Yemeni investors attended, agreeing to establish three companies to help rebuild Yemen and improve its infrastructure.
The initiatives include upgrading border crossings to improve logistics and increase trade, currently valued at 6.3 billion riyals ($1.6 billion). Yemen’s exports to Saudi Arabia, worth only 655 million riyals ($174.6 million), highlight untapped potential in mining, agriculture, livestock, and fisheries.
Key recommendations to enhance trade and support Yemen’s economic recovery include setting up quarantine facilities for Yemeni livestock and agricultural products to increase exports, as well as building smart food cities near border areas to improve food security and sustainable cooperation.
The Council urged action to address banking challenges faced by traders, suggesting reforms in Yemen’s financial sector and stronger ties with Saudi banks. It also proposed creating a club for Yemeni investors in Saudi Arabia to encourage joint projects and partnerships.
Three new Saudi-Yemeni companies will be established. One will invest $100 million in solar energy to provide sustainable electricity in Yemen. Another will focus on boosting telecommunications via Starlink satellite services. The third will organize events to promote Saudi products and support Yemen’s reconstruction.
Speaking to Asharq Al-Awsat, Council President Dr. Abdullah bin Mahfouz emphasized the private sector’s critical role in stabilizing Yemen’s economy and society through investments that support development, create jobs, improve infrastructure, and promote small and medium-sized enterprises (SMEs).
He stressed the importance of empowering Yemeni entrepreneurs and securing funding for reconstruction projects, encouraging public-private partnerships to execute large-scale initiatives under the Build-Operate-Transfer (BOT) model.
The Makkah meeting ended with agreements between Saudi and Yemeni companies to develop key sectors such as energy, agriculture, and infrastructure.
Streamlined customs, improved logistics, and upgraded Yemeni ports and airports were also highlighted as priorities to facilitate trade.
Yemeni delegation leader Abdulmajid al-Saadi, praised Saudi Arabia’s new investment law, noting Yemeni investments in the Kingdom have reached 18 billion riyals ($4.8 billion), ranking third among foreign investors.