Saudi Aramco 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, sources familiar with the matter said. The trio join Moelis & Co and Evercore , which have been appointed independent financial advisers, one source said of what is expected to be the world’s biggest share sale. The Saudi authorities aim to sell up to 5 per cent of Aramco, listing the shares in Riyadh and at least one foreign exchange to raise cash for investment in new industries in a bid to diversify away from oil exports in an era of cheap crude. — Reuters