According to industry insiders, the global leader in aluminum production and one of the largest companies in the UAE, the UAE Global Aluminum Corporation is considering listing in 2022, which may be one of the largest stock sales in the United Arab Emirates recently.
Sources said that the EGA is jointly held by Abu Dhabi’s Mubadala Investment Company and the Investment Corporation of Dubai (Investment Corporation of Dubai), and is currently reviewing proposals from banks seeking consulting positions.
However, EGA has not yet commented on this matter. The source further stated that the aluminum company is considering offering investors 10% to 20% of the shares, and the bank initially estimated the company’s valuation to be between US$16 billion and US$19 billion.
One of the sources mentioned is that EGA expects banks to re-examine their valuations and test investors’ willingness to trade and other factors.
European and American aluminum prices hit new highs this month, which may dominate the market’s willingness to go public.
The source said that Rothschild & Co (ROTH.PA) will act as financial advisor for the transaction; however, Rothschild has not yet commented.
The resolution on the special allowance authorized by the bank has not yet been announced. However, the transaction is expected to attract several international investment banks, including local banks First Abu Dhabi Bank (First Abu Dhabi Bank) and Emirates NBD. Both First Abu Dhabi and Emirates NBD restricted their comments.