<article>Emirates Global Aluminium, the largest aluminum producer in the Middle East, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter.</article>

Emirates Global Aluminium, the largest aluminum producer in the Middle East, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter.
The United Arab Emirates-based company is working with Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase &amp; Co. on the share sale, said the people, who asked not to be named as the details aren’t public. Aside from a local listing, EGA could also seek a presence on an overseas stock exchange like London, though no final decisions have been made, the people said.
EGA, which is jointly owned by Abu Dhabi’s sovereign fund Mubadala Investment Co. and the Investment Corp. of Dubai, is planning to sell shares at a time when commodity prices have rebounded, attracting investors to the sector once again. If the aluminum producer raises $3 billion, it would be one of the largest-ever listings from the UAE, according to data compiled by Bloomberg, surpassing the 2014 stock sale by Emaar Malls PJSC.
The UAE agreed to merge its two flagship state aluminum firms in 2013 to create EGA, with an enterprise value of about $15 billion. IPOs in the region may be headed for a revival as countries, including the UAE, work to make themselves less dependent on oil. Saudi Arabia, the largest Gulf Arab economy, is also taking steps to overhaul its economy, including plans for what could be the biggest IPO with the listing of Saudi Arabian Oil Co.
EGA said profit last year rose about 10 percent to 2.1 billion dirhams ($572 million) on record production. Output jumped 4.2 percent to a record 2.5 million metric tons, making the UAE the fourth-biggest aluminum producer, the company said.
Spokesmen for EGA and the banks declined to comment.
Bloomberg

Emirates Global Aluminium, the largest aluminum producer in the Middle East, has selected advisers for an initial public offering that could raise about $3 billion.

Emirates Global said to pick banks for $3b share sale

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Emirates Global said to pick banks for $3b share sale

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