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Bloomberg reported that Aluminium Bahrain, the second-largest aluminum smelter in the Middle East, is planning to cross list its shares in Saudi Arabia.

Aluminium Bahrain, also known as Alba, is seeking to improve its valuation rather than raise money from the listing, the people said, asking not be identified as the plan isn’t public. Alba has a primary listing in Bahrain with its global depository receipts trading in London.

The metals producer is hoping to capitalize on investor interest in Saudi Arabia as the biggest Arab stock exchange opens to direct foreign investment for the first time in 2015. The Saudi Tadawul benchmark index gained 30% this year and is the sixth best performing stock index in the world. AThe compares with a 17% advance for the Bahrain Bourse All Share Index.

Mr Nitin Garg, senior analyst at Securities and Investment Company in Bahrain said that “Alba is trading at a discount compared to its global peers even as aluminum prices are improving. This is partly because of the low liquidity in the stock.”

Source – Bloomberg

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