Abu Dhabi – Mubasher: Emirates Global Aluminium (EGA), one of the world's top five producers, invited banks to compete for a role in its planned IPO, Reuters reported.

The company's IPO would happen later this year on either the Dubai Financial Market (DFM) or the Abu Dhabi Securities Exchange (ADX), sources told Reuters.

"Emirates NBD ENBD.DU, National Bank of Abu Dhabi NBAD.AD, and a US bank have pitched for the role," Reuters quoted a banking source.

The agency added that EGA has been working with banks to valuate the company and the size of the IPO.

Two sources told Reuters that Mubadala's team is working on the offering.

EGA was created in 2013 as the result of a merger between state-owned Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal), with $15 billion market value at the time of the merger.

EGA's profits rose 10% to AED 2.1 billion ($572 million) in 2016, despite a fall in revenue.