Sunday 17 October 2010

Aluminium Bahrain Seeks to Raise $541 Million From Initial Share Offering - Bloomberg

Aluminium Bahrain BSC, the operator of an 850,000-metric-ton-a-year smelter, plans to raise as much as 204 million dinars ($541 million) from an initial share sale as Persian Gulf markets recover from the global credit crisis.

Mumtalakat Holding Co., Bahrain’s sovereign wealth fund, plans to sell as many as 163.3 million shares between Oct. 24 and Nov. 4 in the IPO, Aluminium Bahrain, known as Alba, said in an e-mailed statement today. Retail investors will be offered shares at 1.25 dinars apiece and institutional investors between 0.9 dinar and 1.25 dinars. Global depository receipts will be sold for $11.97 and $16.62, with each GDR representing five ordinary shares.

Persian Gulf companies are joining a surge in emerging market share sales to raise funds as regional stock markets rebound and companies restructure their debt. Nawras, the Omani mobile-phone company controlled by Qatar Telecom QSC, is in the middle of a book-built IPO. Axiom Ltd., a unit of a Dubai-based phone retailer, plans to sell a 35 percent stake in an IPO by the end of the year.

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