Aluminium Bahrain puts off plans to list shares in Saudi Arabia

Aluminium Bahrain, the second-largest aluminum smelter in the Middle East, put plans to list its shares in Saudi Arabia on hold.

“We did an initial evaluation and at the moment we are not actively pursuing it,” Chief Executive Officer Tim Murray said in an interview in Doha yesterday. Building the company’s sixth production line is “the main focus,” he said.

Alba, as the company is known, has a primary listing in Bahrain with its global depository receipts trading in London. It produced 931,000 tons of aluminum in 2014 and plans to begin construction of a 400,000 ton per year plant once it receives final approval from Bahrain’s government, Murray said.

The metals producer was hoping to capitalize on investor interest in Saudi Arabia as the biggest Arab stock exchange opens to direct foreign investment this year, Bloomberg reported in September. Murray said Alba will seek bank loans and issue bonds to finance the $2.5 billion production line.

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