August 19, 2019 / 5:16 PM / 4 months ago

Saudi Aramco asks banks to pitch for roles in planned IPO-sources

DUBAI, Aug 19 (Reuters) - Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said.

Request for proposals were sent to banks few days day ago, they said.

Aramco did not immediately respond to a Reuters request for comment.

Aramco's planned IPO, which could potentially raise $100 billion, is the centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil. Work on the IPO was halted in 2018 when Aramco shifted its attention to the acquisition of a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

Reporting by Hadeel Al Sayegh and Saeed Azhar. Editing by Jane Merriman

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