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Bahrain’s Alba confirms exploring listing options on Saudi exchange

June 23, 2022
finance & economy

Aluminium Bahrain BSC (Alba) is considering a secondary listing on Saudi Arabia's Tadawul stock market, just days after quashing any such claims.

In a statement to the Bahrain Stock Exchange on Wednesday, Alba said it 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...'

Bahrain's sovereign wealth fund Mumtalakat owns a 69 percent stake in Alba.

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.