16 SEPTEMBER 2014AlCircle.com
Alba Plans Listing on the Saudi Arabia Exchange
Edited by : AL CIRCLE
1 min read
The second largest aluminium smelter in Middle East, Aluminium Bahrain is planning to cross list its shares in Saudi Arabia, as per industry sources.
The sources said that Aluminium Bahrain, otherwise known as Alba, is looking to improve its valuation rather than raise money from the listings. They did not want to be identified however as the plan is not public yet.
Alba, who has a primary listing in Bahrain along with global depository receipts trading in London, is looking to cash in on investor interests. In 2015, the biggest Arab stock exchange opens to direct foreign investment.
According to a data compiled by Bloomberg, the Saudi Tadawul benchmark index is the sixth best performing stock index in the world having gained 30 percent this year. In comparison, the Bahrain Bourse All Share Index has advanced 17 percent.
The Bloomberg compiled data also revealed that 69 percent of Alba is owned by Bahrain sovereign wealth fund Mumtalakat, with 21 percent owned by Saudi Basic Industries Corp.
The sources said that Aluminium Bahrain, otherwise known as Alba, is looking to improve its valuation rather than raise money from the listings. They did not want to be identified however as the plan is not public yet.
Alba, who has a primary listing in Bahrain along with global depository receipts trading in London, is looking to cash in on investor interests. In 2015, the biggest Arab stock exchange opens to direct foreign investment.
According to a data compiled by Bloomberg, the Saudi Tadawul benchmark index is the sixth best performing stock index in the world having gained 30 percent this year. In comparison, the Bahrain Bourse All Share Index has advanced 17 percent.
The Bloomberg compiled data also revealed that 69 percent of Alba is owned by Bahrain sovereign wealth fund Mumtalakat, with 21 percent owned by Saudi Basic Industries Corp.
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