08/12/2010 The London Stock Exchange welcomes Aluminium Bahrain to the Main Market
On 30th November 2010, the London Stock Exchange welcomed Aluminium Bahrain B.S.C.(Alba), the world’s fourth-largest individual producer of primary aluminium, to the main market of the London Stock Exchange for the debut trading of its Global Depositary Receipt (GDR).
Alba is a producer of high-grade aluminium with average annual production exceeding 860,000 tonnes having reached a peak of nearly 872,000 tonnes in 2008. The company’s product portfolio includes extrusion billets, foundry alloys, rolling slabs, standard ingots and liquid metal.
The IPO, which was the first public offering of shares by Alba, raised approximately US$ 339 million. The proceeds will be used to finance future growth plans by Mumtalakat, the holding company, which sold 10 per cent of Alba’s total outstanding equity share capital.
The total value of GDRs listed on the London Stock Exchange is US$ 174.7 million.
Mahmood Hashim Al Kooheji, Chairman of Aluminium Bahrain, said:
“London formed an integral part of our transition to becoming a public company. We believe that it demonstrates our commitment to transparency and stronger 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 investor base.”
J.P. Morgan Securities Ltd., was appointed to act as Sole Global Coordinator and Sole Bookrunner of the Offer and Lead Manager of the offering of GDRs. Gulf International Bank B.S.C. was appointed as Regional Lead Manager of the Offer. Citigroup Global Markets Limited was appointed Co--‐manager of the offering of the GDRs.