Mubadala Says It Is Close to IPO of Emirates Global Aluminium

Bound aluminium ingots sit in the casting shop at the Casting And Mechanical Plant SKAD Ltd. in Divnogorsk, Russia, on Friday, Nov. 29, 2019. Aluminum may fall further amid rising supply and weakening demand, according to a note published by Morgan Stanley. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) —

Abu Dhabi sovereign wealth fund Mubadala Investment Co. said it’s “close” to an initial public offering of Emirates Global Aluminium PJSC, one of the world’s biggest producers of the metal.

“We’ve been thinking about this for a couple of years and waiting for the right time for that business to be IPO’d,” Chief Executive Officer Khaldoon Al Mubarak said on Monday during a conference. “I think we’re very close now.”

“We will decide, obviously, 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.”

Emirates Global Aluminium is equally owned by Mubadala and Investment Corp. of Dubai.

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