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Saudi Aramco appoints JPMorgan, HSBC, Morgan Stanley for IPO

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Staff Writer | March 30, 2017
Saudi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering.
Saudi Aramco
Oil exploration   Selling up to 5 percent of Aramco
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, sources familiar with the matter told

The Saudi authorities aim to sell up to 5 percent 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.

Aramco has appointed Saudi Arabia's NCB Capital and Samba Capital as local advisers, the sources said.

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