Emirates Global Aluminium, one of the world’s biggest aluminium producers that posted a 59 per cent increase in 2017 net profit, expects to sell shares to the public in an initial public offering this year, its chairman and chief executive said on Tuesday.
Abu Dhabi's Mubadala Investment Company, which has $127 billion in assets and is part owner of EGA, plans to take the company public through a share float, said Khaldoon Al Mubarak, chief executive of Mubadala and EGA’s chairman.
“2018 is the year we intend to take EGA to the market. It’s a company which is well positioned and we have de-risked the many capital investments required,” said Mr Al Mubarak. “It’s an industrial champion, the largest exporter in the UAE outside oil and gas sector. It is one of the largest employers and it is the biggest partnership between the government and Abu Dhabi and Dubai."
Abdulla Kalban, EGA’s chief executive, confirmed the IPO is on track, subject to market conditions, but declined to disclose the size of the stake to be sold or the listing venue.
EGA’s IPO comes at a time when the company is expanding its operations in the UAE and abroad, with projects aimed at securing all segments of the value chain, from a $1.4bn bauxite mine in Guinea to setting up a $3.3bn alumina refinery in Abu Dhabi, both of which will come on stream in 2019.
Alumina, which is the feedstock for aluminium smelters, is sourced from bauxite. EGA currently imports all the alumina it uses in aluminium production, but last year it signed a three-year alumina supply agreement with Vietnamese miner Vinacomin. The state-owned Asian miner will supply to its two smelters in Dubai and Abu Dhabi.
"We see that the acceleration of GDP growth, the improvement of sentiment across the region and the rebound in oil prices should improve the appetite for new listings in general," said Rami Sidani, the head of frontier investments at the asset manager Schroders.
"We feel that the governments, both in Dubai and Abu Dhabi, continue to have crown jewels that are strong candidates to come to the markets."
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Read more:
Mubadala to float Emirates Global Aluminium next year, CEO says
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Public offerings are making a comeback in the Middle East following a dry spell over the past couple of years when a slow down in economic growth forced many companies to shelve plans for IPOs amid concerns of not getting proper valuations for their businesses.
The Middle East and North Africa region recorded five IPOs in the third quarter of 2017, up from a single listing in the same period a year before, consultancy EY said in a report released in December. The value of IPOs in the third quarter rose 20 per cent to $236.7m from the year-earlier period, led by three deals on Tadawul. More offerings are expected, thanks to the recovery in oil prices.
EGA, which posted a 10 per cent net profit growth in 2016, said 2017 profit soared to Dh3.3 billion on a 20 per cent increase in revenue which reached Dh20.5bn, thanks to record production, higher prices of aluminium and cost control.
The company, which achieved a record cast metal production of 2.6 million tonnes last year compared to 2.5 million tonnes in 2016, will maintain the same level this year, Mr Kalban said.
The alumina refinery, which has been fully funded, will have a capacity to produce 2 million tonnes of smelter-grade alumina per year once fully operational, meeting 40 per cent of EGA’s alumina needs. The Guinea project, which the company seeks to raise funding for from banks, will produce 12 million tonnes of bauxite per year, with around a million tonnes going to the alumina refinery and the rest exported to markets, including China and India.
EGA does not have any immediate plans to issue a bond, said Danny Dweik, the chief financial officer.
The company currently exports 90 per cent of its aluminium and its biggest market is Asia, followed by Europe.
EGA also exports to the United States, where President Donald Trump is proposing the imposition of tariffs on steel and aluminium product imports.
“We will not speculate on the decision made by President Trump but we are obviously on our side prepared to deal with whatever the decision is,” said Mr Dweik.
EGA was created in 2013 through a merger between Abu Dhabi’s Emal and Dubai’s Dubal. It is jointly owned by Mubadala and the Investment Corporation of Dubai, the emirate’s sovereign wealth fund.
Killing of Qassem Suleimani
Heather, the Totality
Matthew Weiner,
Canongate
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Poacher
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Race card
1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
2pm: Handicap (TB) Dh 84,000 (D) 1,400m
2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m
3pm: Conditions (TB) Dh 100,000 (D) 1.950m
3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m
4pm: Maiden (TB) Dh 60,000 (D) 1,600m
4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
MADAME%20WEB
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Company%20profile
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
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Company%20Profile
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COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
SECRET%20INVASION
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The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar
Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Alan%20Wake%20Remastered%20
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