Elite Capital International – Saudi Aramco IPO Update – Possible Banks Released

Saudi Aramco is likely to give roles to Citi, Goldman Sachs, HSBC and Samba Financial Bank for its planned initial public offering (IPO), a source familiar with the transaction said on Sunday.
By: Elite Capital International Ltd
 
CENTRAL DISTRICT, Hong Kong - Sept. 8, 2019 - PRLog -- The four banks would likely get these roles in addition to Morgan Stanley and JP Morgan Chase & Co. who were chosen to play a leading role in the transaction before the process was halted last year, the source said.

Aramco is preparing for what could be the world's biggest IPO. It is expected to appoint the advisers on its share sale in the coming days.

Goldman Sachs and JP Morgan declined to comment. Aramco, Citi, HSBC and Samba did not immediately respond to a request for comment outside of office hours.

The IPO is a centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil.

The kingdom's original plan, announced by Prince Mohammed in 2016, was to sell about 5% of Aramco on the Riyadh exchange and at least one international bourse. The listing was pushed back to 2020 or 2021 to allow Aramco to complete the $69 billion acquisition of Saudi Basic Industries Corp.

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