22 Sep 2010
(MENAFN) Mahmood Al Kooheji, chairman of Bahrain-based Alba which is owned by the kingdom’s sovereign wealth fund; Mumtalakat, said that this year the company is planning to start on an initial public offering (IPO), Gulf Daily News reported.
Alba shareholders have not determined the size of the stake although profits of the IPO would be used by Mumtalakat to initiate investments.
Due to lower aluminum prices, Alba posted a full-year net loss of $220.7 million last year, compared with a profit of $781.9 million two years ago.
He added that in 2011, Alba is going to decide whether to add a sixth production line that would get the capacity of its aluminum smelter to 1.5 million tons on an annual basis or not.
It is worth mentioning that telecoms and energy sectors as well as government assets are expected to lead a recovery in the Gulf IPO market.
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