An initial public offering (IPO) for Emirates Global Aluminum PJSC (EGA) could happen as early as this summer, according to one of the company’s major shareholders.
Khaldoon Khalifa Al Mubarak, chief executive officer of Mubadala Investment Co., said on the sidelines of the World Economic Forum meeting in Davos this week that the biggest hurdle will be the global market.
“That might happen this year. We’ll see how the markets react. If it’s appropriate and makes sense for us and shareholders, maybe we’ll go in the third or fourth quarter.”
The EGA has been thinking about an IPO for some time. The company went so far as to hire a trio of banks two years ago to prepare an IPO estimated at $15 billion, but plans ultimately fell through.
The company was planning an IPO in 2018, but the Trump administration’s Section 232 import tariffs on aluminum thwarted those plans.
Based in Abu Dhabi, United Arab Emirates, Emirates Global Aluminum is an aluminum conglomerate formed in 2013 through the merger between Dubai Aluminum (DUBAL) and Emirates Aluminum (EMAL). EGA had an estimated enterprise value of $15 billion at the time the merger took place. The company is equally owned by Abu Dhabi-based Mubadala Development Company and Dubai-based Investment Corporation. Emirates Global Aluminum has interests in the smelting of bauxite/alumina and primary aluminium.
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