Aramco formally appoints banks to advise on share sale
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