– Raises $174.7 million
– Confirms London is international market of choice for Middle Eastern companies
– Exchange now home to 43 Middle Eastern companies
The total value of the company’s Global Depositary Receipt (GDR) offering in London was US$174.7 million, and was made alongside an Ordinary Share offering on the Bahrain Stock Exchange, raising a total of approximately US$339 million. Trading in the GDRs and Ordinary Shares commenced today on the London and Bahrain Stock Exchanges, respectively, under the symbol “ALBH”.
Tracey Pierce, Director of Equity Primary Markets at London Stock Exchange Group, said:
“We are delighted that Aluminium Bahrain has chosen London for its listing outside of its home market. Situated at the heart of the world’s most international financial centre, the London Stock Exchange continues to be the public market of choice for Middle Eastern companies looking to access the capital they need to become global leaders. Today’s successful issue by Aluminium Bahrain highlights the London market’s appetite to fund the growth of ambitious companies from the region and underscores London’s expertise in financing natural resources companies.”
Mahmood Al Kooheji, Chairman of Alba, said:
“London formed an integral part of our transition to becoming a public company.·We believe that it demonstrates our commitment to transparency and strong corporate governance. The aluminium sector has a positive global outlook and as such we are delighted that joining the London Stock Exchange has helped us attract a strong international institutional investor bas”
Aluminium Bahrain produces a variety of aluminium products at its site in the Kingdom of Bahrain, including extrusion billets, foundry alloys, rolling slabs, standard ingots and liquid metal. For the past three years, the company’s average annual production has exceeded 860,000 tonnes, reaching a peak of nearly 872,000 tonnes in 2008.
Aluminium Bahrain has listed on the London Stock Exchange’s Main Market and the Bahrain Stock Exchange. 10 per cent of Aluminium Bahrain’s total outstanding equity share capital was sold by Mumtalakat, the investment company of the Kingdom of Bahrain.
All of the company’s 1,420 million outstanding ordinary shares are now listed on the Bahrain Stock Exchange, including the 72,981,125 ordinary shares in the form of GDRs sold in the GDR offering and the 69,018,875 ordinary shares sold in the Ordinary Share offering. A total of 14,596,225 million GDRs were listed on the London Stock Exchange’s Main Market (with 1 GDR representing 5 Ordinary Shares).
Outside Israel, there are now 43 Middle Eastern companies on the London Stock Exchange’s markets, while there are none listed on NYSE-Euronext or Nasdaq.