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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Saudi Aramco appoints banks to advise on share sale

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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


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