Abu Dhabi: Mubadala Investment Co. well placed for IPO of Emirates Global Aluminium
Mubadala Investment Co., the sovereign fund of Abu Dhabi stated that it’s “close” to an initial public offering of Emirates Global Aluminium PJSC as it examines other crucial deals comprising a role in a consortium investing in Saudi Aramco’s oil pipelines.
On 12th March 2021, Khaldoon Al Mubarak, CEO commented, when questioned about the possibility of IPO of Middle East’s biggest producer of aluminium, EGA: “We’ve been thinking about this for a couple of years and waiting for the right time for that business to be IPO’d.”
The $232 billion funds have shown minor sign of slowing down in 2021, coming off its busiest year. However, the deal stroked wide spreads from acquiring a Brazilian refinery to invest in convertible bonds of messaging app Telegram.
Mubadala and Investment Corp. of Dubai which equally owns EGA has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea.
Al Mubarak said during a virtual conference: “The company had planned an IPO in 2018 or 2019 but it was pulled after then-U.S. President Donald Trump imposed tariffs on aluminium imports from the United Arab Emirates. His successor Joe Biden said in February’ 2021 that he would keep the U.S. restrictions in place, reversing Trump’s last-minute move to grant the UAE relief from the duties.”
“We will decide when the appropriate market conditions are there, but the company is certainly in a very strong position and I think is well placed for an IPO.”
“We’re very close now”, he added.
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