The welcome ceremony to mark Alba's debut on the London Stock Exchange's Main Market took place on Wednesday, December 8, 2010 in London. Alba Chairman, Mahmood Hashim Al Kooheji emphasises the company's continuing commitment to transparency and stronger corporate governance. The total value of Alba's 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.
Aluminium Bahrain B.S.C. (Alba) was given a rousing welcome at the London Stock Exchange (LSE) during a ceremony held on Wednesday, December 8, 2010 on the occasion of the admission of the company's Global Depositary Receipts (GDRs) to the Official List of the UK Financial Services Authority and trading on LSE's Main Market.
The welcome ceremony, which was held in London, was attended by His Excellency the Ambassador of Bahrain to the United Kingdom, Shaikh Khalifa bin Ali Al Khalifa, the Director of the Bahrain Stock Exchange, Fouad Rashiid and other senior representatives from Alba, Mumtalakat Holding Company B.S.C.(c) and Bahrain Economic Development Board.
They were welcomed by the Chief Executive Officer of the London Stock Exchange Group, Xavier Rolet.
Commenting on the start of the debut trading of Alba's GDRs on the Main Market of the London Stock Exchange, the Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said:
"I would like to thank the London Stock Exchange for their support and guidance throughout the Offering process. We believe that our listing in London demonstrates our commitment to transparency and stronger corporate governance, and has helped us attract a strong international investor base. This move further underlines the company's determination to explore a variety of strategic options to strengthen operational efficiency and enhance global competitiveness."
The Chief Executive Group of the London Stock Exchange Group, Xavier Rolet added:
"I am delighted to welcome Aluminium Bahrain's senior management to the London Stock Exchange today. We are very pleased that the company successfully joined our flagship Main Market last week and we look forward to a long and prosperous relationship with the business."
"Situated at the heart of the world's international financial community, the London Stock Exchange continues to be the market of choice for Middle Eastern companies. In joining our markets, Aluminium Bahrain is now quoted alongside a wealth of global growth businesses strongly positioned to take advantage of the world's most liquid pool of international capital."
The Director of Bahrain Stock Exchange Fouad Rashid said that the listing of Alba's GDRs on LSE will attract more institutional and retail investors to invest in one of the leading companies in the Kingdom of Bahrain. He added:
"It is also worth mentioning that a Memorandum of Understanding was signed between BSE with LSE in 2007, which has encouraged Bahraini companies to have their GDRs listed on LSE and we hope to see many more companies from both countries follow on these steps in the future."
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 commenced on Tuesday 30 November 2010, on the London and Bahrain Stock Exchanges, under the symbol "ALBH".
The attendees from Alba included Chief Executive, Laurent Schmitt; Chief Financial Officer, Tim Murray; General Counsel, Alisa Newman Hood, and Head of Corporate Communications, Mahmood Al Nasheet. Also in attendance were VP, Corporate Communications at Mumtalakat Holding Company B.S.C.(c) Dina Kasrawi, and Business Development Manager from the EDB Robert Edge.