Emirates NBD, JP Morgan Chase working on planned Alec IPO
Investment Corporation of Dubai (ICD) has picked top banks including Emirates NBD Capital and JPMorgan Chase & Company to work on the planned initial public offering of its key unit - Alec Engineering and Contracting reported Bloomberg, citing people familiar with the matter.
Moelis & Co. is also advising state-backed ICD on the share sale that could take place as early as in the second half of this year, the people said, asking not to be identified as the information isn’t public.
Details including size and timing are still under discussion and could change, they stated.
A major construction company with related businesses operating in the GCC and a presence in Africa, Alec has consistently evolved and grown over the last 20 years to become a trusted partner for the execution of complex and iconic construction projects.
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