London Stock Exchange welcomes Aluminium Bahrain
- Raises $174.7 million
- Confirms London is international market of choice for Middle Eastern companies
- Exchange now home to 43 Middle Eastern companies
The London Stock Exchange today welcomed Aluminium Bahrain B.S.C. ("Alba"), the world's fourth-largest producer of aluminium by capacity, to its Main Market.
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 base."
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.
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Notes to editors:
About the Main Market:
The Main Market is the London Stock Exchange's flagship market for international and domestic businesses looking to access Europe's most liquid pool of capital. Home to over 1,400 companies from more than 60 countries, the Main Market is the world's most international market for the listing and trading of public equity and debt. Main Market companies come from 42 sectors and vary widely in size, covering a spectrum from fledgling growth companies to global multinationals. Companies on the Main Market currently have a combined capitalisation of over £3.8 trillion.
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) sits at the heart of the world's financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe's capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world an extensive range of real-time and reference data products and market-leading post-trade services.
Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1500 people. Further information on London Stock Exchange Group can be found at http://www.londonstockexchangegroup.com/.