Aluminum Bahrain shelves plans to list shares in Saudi Arabia: Report

06/03/2015 Argaam
Aluminum Bahrain (Alba), the second-largest aluminum smelter in the Middle East, has called off its plans to list its shares on Tadawul, Saudi Arabia’s stock exchange.
 
"We did an initial evaluation and at the moment we are not actively pursuing it,” Chief Executive Tim Murray said in an interview in Doha last week, according to Bloomberg.  
 
Murray said  the company would instead focus on building the company’s sixth production line
 
Alba announced last year its plans to list on Tadawul in order to raise the stock's value, according to data available on Argaam.
 
Currently listed on Bahrain’s bourse, Alba is 20.6 percent-owned by Saudi Basic Industries Corporation (SABIC) and 69.4 percent-owned by Bahrain's Mumtalakat fund.
 
Alba's GDRs are currently trading on  the London Stock Exchange.

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