Aramco for­mally ap­points banks to ad­vise on share sale

New Straits Times - - Business -

LON­DON: Saudi Aramco has for­mally ap­pointed JPMor­gan Chase & Co, Mor­gan Stan­ley and HSBC as in­ter­na­tional fi­nan­cial ad­vis­ers for its ini­tial pub­lic of­fer­ing (IPO), said sources.

The trio joined Moelis & Co and Ever­core, which had been ap­pointed in­de­pen­dent fi­nan­cial ad­vis­ers, said one source of what was ex­pected to be the world’s big­gest share sale.

The Saudi au­thor­i­ties aim to sell up to five per cent of Aramco, list­ing the shares in Riyadh and at least one for­eign ex­change to raise cash for in­vest­ments in new in­dus­tries in a bid to di­ver­sify away from oil ex­ports.

Aramco has ap­pointed Saudi Ara­bia’s NCB Cap­i­tal and Samba Cap­i­tal as lo­cal ad­vis­ers.

Mean­while, PetroChina said it would con­sider tak­ing part in Aramco's IPO based on mar­ket con­di­tions, the sec­ond Chi­nese oil ma­jor to dis­cuss be­com­ing an in­vestor this week.

On Mon­day, Sinopec Corp said Aramco president had vis­ited the firm and both sides would have talks on the IPO. Reuters

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