Aluminium group seeks advisers?
LONDON: Emirates Global Aluminium (EGA) is preparing to sell shares amid a comeback in commodities prices, said sources.
The company is seeking advisers for an initial public offering (IPO) on the local stock exchange, said sources. The United Arab Emirates agreed to merge its two state aluminium firms in 2013 to create EGA, valued at US$15 billion (RM66.8 billion).
IPOs in the region may be headed for a revival as countries work to make themselves less dependent on oil.
Saudi Arabia is also taking steps to overhaul its economy, including plans for what could be the largest-ever IPO with the listing of Saudi Arabian Oil Co.
Firms in the region raised just US$1.4 billion from listings last year, compared with US$2.9 billion in 2015, Bloomberg data showed.