Emirates Global Aluminium PJSC's planned IPO is likely to be delayed to 2019 due to volatile aluminum market conditions after the U.S. government imposed sanctions on United Co. Rusal PLC, Reuters reported May 10, citing three sources familiar with the matter.

A company spokesman, however, reiterated that the IPO remains set for this year, subject to market conditions, and said Emirates Global continues to monitor markets.

According to the sources, it has not yet been decided whether the listing would be in Abu Dhabi or Dubai, though the secondary listing in London remains an option. The IPO is likely to comprise 10% to 15% of Emirates Global, the sources added. Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan were reportedly hired to run the offering.