UAE’s Emirates Global Aluminium said to mandate banks for IPO

Emirates Global Aluminium (EGA), one of the world’s top five producers, has mandated Bank of America Merrill Lynch, Goldman Sachs and JP Morgan to advise on its planned initial public offering (IPO), Reuters reported Monday, citing sources familiar with the matter.

The three US lenders will serve as joint global coordinators.

The agency reported last week that EGA had requested banks for proposals on its listing, which is expected to take place later this year on either the Dubai Financial Market (DFM) or the Abu Dhabi Securities Exchange (ADX). The size of the offering is yet to be determined. 

EGA, which supplies aluminium to more than 60 countries, was established in 2013 through the merger of state-owned Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal). It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD).

Last month, the firm reported a 10 percent increase in 2016 net profit to AED 2.1 billion.