DUBAI
Oil giant Saudi Aramco has selected Samba Capital as one of two banks to work as an adviser for its share sale in Riyadh, banking sources told Reuters on Thursday.
At least six investment banks pitched for a role advising the world’s largest oil producer on its listing on the Saudi stock exchange in Riyadh, the Tadawul.
Saudi authorities are aiming to list a total of up to 5 per cent of Aramco — on the Tadawul and one or more international markets — in an initial public offering that could raise $100 billion.
JPMorgan, Morgan Stanley and HSBC have been asked to work on Saudi Aramco’s global listing, sources familiar with the matter have told Reuters.
Aramco declined to comment. Samba Financial Group, the parent of Samba Capital, did not immediately respond to a request for comment.
