Riyadh – Mubasher: Saudi Arabian Oil Co, known globally as Saudi Aramco, invited banks to offer their suggestions regarding its planned initial public offering (IPO), said banking sources.
The banks include Citi, Goldman Sachs, and more might be added.
The discussions will be held by the end of January or beginning of February, Reuters reported, citing the sources as saying.
The talks will include executive officials of the banks and equity capital market teams who will participate in the IPO.
In December, the largest international oil provider told the banks to submit their written suggestions and it asked the banks not to evaluate the IPO.
Any banks which will be chosen for the IPO will join JPMorgan, Morgan Stanley, and HSBC.
“Saudi Arabia has changed the status of Aramco to a joint-stock company as of Jan. 1, according to a cabinet decree published in the kingdom’s official bulletin last week,” Reuters concluded.
