By: Mahmoud Gamal
Dubai – Mubasher: Some offerings have been reported in the UAE, including Emirates Global Aluminium’s (EGA) initial public offering (IPO), which is expected to attract more investors, analysts told Mubasher.
This time of the year is appropriate for the launch of EGA’s IPO, Mubadala’s CEO Khaldoon Al Mubarak stated.
EGA is an equally-owned company between Mubadala Investments and the state-owned Investment Corporation of Dubai.
These new IPOs were not unexpected, especially ADNOC Distribution’s, financial analyst Waddah Al-Taha commented, indicating the IPOs came as a part of the efforts exerted by the UAE's Securities and Commodities Authority (SCA) to support and reform the local markets.
The increased demand for aluminium in the UAE, as Expo 2020 approaches, will boost EGA’s operations and, consequently, the national stock markets, Issam Kassabieh, senior financial analyst at MenaCorp, said.
Earlier on Tuesday, EGA posted a 57% increase in net profits to AED 3.3 billion in 2017, compared to AED 2.1 billion a year earlier.
The premium aluminium producer’s revenue jumped 20% year-on-year to AED 20.5 billion.
Translated by: Muhammad Khalid
