CEO Khaldoon Al-Mubarak's comments mark the first public acknowledgement of the plans to float EGA
Abu Dhabi’s Mubadala Investment Company plans to take Emirates Global Aluminum public next year, according to Mubadala CEO Khaldoon Al-Mubarak.
Speaking at the Future Investment Initiative conference in the Saudi capital of Riyadh, Al-Mubarak said that “we hope to take this company public in 2018.”
In March, it was reported that Bank of America Merrill Lynch, Goldman Sachs and JP Morgan had been appointed to advise on the IPO. Al Mubarak’s comments, however, are the first time he has publicly acknowledged the IPO.
EGA, which is owned by Mubadala and Investment Corporation of Dubai (ICD), was created in 2013 following a merger between Dubai Aluminium (Dubal) and Emirates Alumuminum (Emal).
In 2016, EGA increased its net profit to AED2.1 billion ($570 billion) despite a decline in revenue. According to Al-Mubarak, the company was successfully able to withstand the 2015 fall of commodity prices by lowering costs.