Alu­minium group seeks ad­vis­ers?

New Straits Times - - Business -

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.

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