Bloomberg reported that Aluminium Bahrain BSC operator of an 850,000 tonnes per year smelter hired JPMorgan Chase & Company and Citigroup Inc to manage the possible sale of as much as 11.5% of its shares on local and international exchanges.
Alba said that Bahrain Mumtalakat Holding Company may sell as many as 163 million shares with ordinary stock listed on the Bahrain exchange and global depository receipts on the London bourse. The company has about 1.42 billion shares outstanding.
Alba appointed JP Morgan Securities Limited as sole global coordinator and bookrunner. The bank will manage the sale of GDRs with Citigroup Global Markets Limited as co manager. Gulf International Bank BSC will be regional lead manager.
The Bahraini government holds 77% of Alba and Saudi Arabia owns 20% through chemicals maker Saudi Basic Industries Corporation. The partners will proportionally split 3% stake owned by Breton Investments Limited once Alba completes the purchase of that company’s holding in the smelter.
Alba said that in June it plans to convert itself into a public joint stock company to add financial flexibility and allow its aluminum smelter to compete in international markets. The company last month reported a first-half profit of $200 million, beating its own forecasts.
The company said that it may exceed internal profit targets this year without disclosing projected earnings or providing comparison data for the previous year.
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