Aramco headquarters is seen in Dhahran, Saudi Arabia May 23, 2018.REUTERS/Ahmed Jadallah
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The U.K. will press ahead with plans to soften its listing regime to attract state-controlled companies such as Saudi Aramco – a move that has drawn criticism from lobby groups for investors and businesses.The new regime won't require prior shareholder approval for related-party transactions, the FCA said, meaning a government can buy and sell assets held by the firm without foreign investors getting a say.Billed as a once-in-a-generation event for financial markets, Saudi officials hope to sell a 5 percent stake in the world's largest oil exporter, valuing the company at more than $2 trillion.Both the IoD and the Investment Association oppose that. Other changes mean that state-controlled companies will be able to list their shares without a formal agreement between the business and its controlling shareholder.
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