Aluminium Bahrain prices IPO at BD0.900 per share

Mumtalakat, which owns 77 percent of Alba, had planned to raise up to BD204m
Aluminium Bahrain prices IPO at BD0.900 per share
Talal Al Zain, chief executive officer of Mumtalakat
By Joanne Bladd
Mon 08 Nov 2010 05:52 PM

Aluminium
Bahrain (Alba) has priced the institutional tranche of its initial public
offering (IPO) at BD0.900 per share, its largest stakeholder Mumtalakat said on
Monday.

The final
price of the IPO, which saw the fund float 142 million ordinary shares, was
determined through a bookbuilding process, Mumtalakat said in a
statement.

The state-backed fund, which owns 77 percent of Alba, said in October it
planned to raise up to BD204m ($530m) in the IPO as it diversified away from
local investments.

 “The IPO has
successfully helped to attract foreign direct investment into Bahrain and
raised the profiles of Bahrain and Alba in the international markets,” said Talal
Al Zain, CEO, Mumtalakat.

“The proceeds will support Mumtalakat in driving forward its
strategy to help grow the wealth of Bahrain and drive value creation in the
strategic non-oil and gas related assets of Bahrain.”

Saudi Basic Industries (SABIC) holds a minority stake in the
company.

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