Investing.com | Editor Ambini Aishwarya
Published November 7, 2023 at 6:07am ET
Aluminum Bahrain (Aruba), one of the world’s largest smelters, is considering a secondary listing on the Saudi Exchange (Tadaul) as part of its broader business strategy. The company is reviewing this decision in light of the government’s upcoming decisions on natural gas supplies and prices over a five-year period. The potential listing on Tadawul is expected to materialize by the end of 2024, Chairman Khalid Al Rumaihi confirmed to the Arabic daily Akbar Al Khaleej.
Currently, the company’s shares are listed on the Bahrain Stock Exchange and the London Stock Exchange. A secondary listing of Tadawul is being considered from June 2022. This strategic move is aimed at increasing shareholder value, particularly in the wake of government notifications regarding natural gas supplies and prices over a five-year period. Aruba’s main stakeholders include SABIC Industrial Investments and Bahrain Mumtalakat Holding Company, which hold 20.6% and 69.4% of the shares, respectively.
According to a statement released by the Bahrain Stock Exchange, although there was a significant decline in profit from BD 181.9 million in the second quarter of 2022 to BD 29.9 million ($79.5 million) in the second quarter of 2023, Alba production increased to 405,628 tons in the third quarter.
Founded in 1968, Alba produces more than 1.6 million tons of aluminum annually and is committed to fact-based reporting.
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Written by: Investing.com