The Bahrain Stock Exchange (BSE) and Aluminum Bahrain B.S.C. (Alba) have announced that agreements were signed to finalise
the listing of Alba’s shares on the Bahrain Stock Exchange, Global Arab Network reports according to a press statement.
The agreements were signed by Mr. Mahmood Hashim Al-Kooheji, Chairman of Alba, and Mr. Fouad A.Rahman Rashid, Direc to r of the Exchange.
Alba’s shares will be listed as of to day, Tuesday, 30th November 2010, and the Bahrain S to ck Exchange has been appointed as the registrar for Alba’s shares.
Commenting on the occasion, Mr. Mahmood Al-Kooheji said, “I am pleased that we have completed the listing of Alba on the Exchange, following finalization of all the legal and technical requirements for transferring the company to a public shareholding company and the successful Initial Public Offering (IPO) on the Bahrain and London S to ck Exchanges.”
“The listing of Alba’s shares will enhance the Exchange and increase its trading activity, and at the same time grow the value of Alba and diversify its shareholder base,” he added. Mr. Al Kooheji thanked the officials of the Central Bank of Bahrain and Bahrain S to ck Exchange for their efforts in the IPO process of Alba.
“The process of offering Alba’s shares in an IPO and listing the company on the Exchange is in line with the company’s strategy to support the Kingdom’s Economic Vision 2030 to boost the role of the private sec to r in the Bahraini economy. The listing of Alba’s shares in Bahrain and London also shows Alba’s commitment to the highest standards of transparency and corporate governance,” Mr. Al Kooheji said.
Mr. Al Kooheji emphasized that Alba’s IPO has helped attract new inves to rs to the Exchange, both Bahraini and Non-Bahraini, highlighting the investment opportunities available on the Exchange. The IPO will also give a greater opportunity for citizens and residents to participate in the future growth of the Bahraini economy.
Mr. Fouad Rashid was delighted about the listing of Alba’s shares on the Exchange, praising the steps taken by the Government of the Kingdom of Bahrain , represented by Bahrain Mumtalakat Holding Company B.S.C. (Mumtalakat), in offering shares for Alba’s IPO.
“This step will contribute to bringing more liquidity in to the market and eventually expand the shareholders’ and traders’ base. I encourage all those interested or are dealing in the capital markets sec to r to benefit from the legislative and technical infrastructure of the Kingdom of Bahrain and initiate similar steps of privatization of leading companies in the country through an IPO,” he said. Mr. Rashid congratulated the management of Alba on the success of the IPO process, wishing the company further success in its future plans of supporting the Bahraini economy
Mr. Fouad Rashid confirmed that Alba’s shares will be traded under the symbol “ALBH” in the IPOs market for six months according to the procedures followed at BSE, and the company will then be transferred to the main market to be traded in the Industrial Sec to r.
Alba is the fourth-largest individual aluminum manufacturer in terms of production capacity, with an annual production capacity of 860,000 to nnes a year. The company also operates a smelter categorized within the lowest quartile globally in terms of the operation cost per to nne.
Alba reported a net profit of over $200 million in the first half of the year. Alba, considered one of the world’s most advanced smelters, is carrying out a pre-feasibility study in relation to building a sixth production line in its smelter, and currently produces approximately 35% of the GCC’s to tal aluminium production
Mumtalakat, the investment arm of the Government of the Kingdom of Bahrain, offered 142 million shares of Alba for an IPO in Bahrain and abroad, representing 10% of the to tal issued and paid-in capital of the company for the IPO in the form of ordinary shares listed on BSE, and Global Deposi to ry Receipts (GDRs) representing ordinary shares at London S to ck Exchange.
Following the listing of Alba on BSE, the number of Bahraini Shareholding Companies reached 49, of which 5 companies are non-Bahraini with a market capitalization of BD7.6 billion (US$20.1 billion).
Global Arab Network