Abu Dhabi – Mubasher: Emirates Global Aluminium’s (EGA) potential initial public offering (IPO) is planned to take place in the last six months of 2018.

If completed, EGA’s IPO will be the second major listings by the UAE government after Abu Dhabi National Oil Company (ADNOC) distribution unit’s offering.

“We are on track for the IPO in the second half of 2018,” Reuters reported, citing EGA’s CEO Abdulla Jassem Kalban as saying.

The major Emirati industrial company is likely to offer 10%-15% of its shares, an informed source told the international news agency.

The Emirate of Abu Dhabi aims to utilise this type of IPO to restructure its industrial sector and attract foreign investors.

Emirates Global Aluminium (EGA) has completed 82% of its AED 12.12 billion ($3.3 billion) Al Taweelah alumina refinery.