Bahrain’s Alba mulls secondary listing on Saudi exchange

Logo of Aluminium Bahrain (Alba) 

Bahrain-listed Aluminium Bahrain (Alba) is studying a secondary listing on Saudi stock market.
 

“Alba is exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia's Stock Exchange which is currently under evaluation along with other value-creation initiatives, as part of the company’s overall business strategy,” the company said in a statement to Bahrain Bourse.
 

The company will fulfill disclosure requirements.
 

Alba owns the world’s largest aluminum smelter outside China with a capacity of more than 1.56 million metric tons annually (2021).
 

Mumtalakat, which also has a 60 percent stake in McLaren, expects to take the supercar maker public in two to three years, Reuters reported, citing the fund’s chief executive, Khalid Al Rumaihi.
 

Alba posted a record net profit of 452 million Bahraini dinars ($1.2 billion) in 2021 compared to a net profit of 9.8 million dinars in the prior year, mainly due to higher prices of aluminum in 2021.  
 

CEO of Bahrain’s Mumtalakat, which holds a 69.4% stake in Alba, told Reuters that a second listing for Alba on Saudi Arabia's bourse, the region's largest stock exchange, was being considered by the company among several other options.
 

Saudi giant petrochemical producer SABIC owns a 20.6% stake in Alba. 

No non-Saudi firms have been listed on the Saudi Exchange (Tadawul) or Nomu-Parallel Market to date.

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