Talal Al Zain, Chief Executive of Bahrain Mumtalakat Holding Company announced the opening of the offering period for retail investors with regard to the initial public offering of Ordinary Shares of Aluminium Bahrain (Alba).

Alba had a successful start to 2010, exceeding growth targets and reporting a first-half profit of around $200 million and the Company has a positive outlook going forward.

Application forms are available from select branches of the receiving banks in Bahrain, Oman, Qatar and the UAE.

“I am delighted that the retail offering period has now opened, giving the people of Bahrain, and others from across the region, the exciting opportunity to become shareholders in one of the Kingdom’s flagship businesses,” said Al Zain. “This IPO will support Mumtalakat’s strategy to grow the wealth of Bahrain and drive value creation in strategic non-oil and gas related assets, as well as helping to attract foreign direct investment into the country.”

“It is important that retail investors will also be able to purchase ordinary shares at select receiving banks in Oman, Qatar and the UAE as well as in Bahrain, offering others the opportunity to share in the ownership of the region’s longest established aluminium smelter.”

Mumtalakat, as the selling shareholder, is offering up to 163.3 million ordinary shares, representing up to 11.5 percent of the company’s total issued, fully paid and outstanding share capital. The company intends to seek a listing of the ordinary shares on the BSE.

The final offering price will be based on an institutional book-building process. Such final offering price will apply to both retail and institutional investors. Bahraini citizens will be able to enjoy a ten percent discount for the first 2,000 ordinary shares applied for (subject to a minimum purchase of 100 ordinary shares). Under a general offering to retail investors who are not Bahraini citizens, each eligible non-Bahraini citizen may apply to purchase a minimum of 500 ordinary shares. There is no limit on the number of ordinary shares that can be applied for by retail investors. Retail investors are asked to apply for ordinary shares at an initial price of BD1.250 per ordinary share (IPO).

“If the final offering price is lower than the Initial offering price, retail investors will have the option to receive a cash refund or additional ordinary shares. The final offering price will be announced on or by Nov. 8. The retail offering period will be open for two weeks, closing on or by Nov. 4.

Mahmood Al-Kooheji, chairman of Alba, said that with only two weeks to apply, potential retail investors should act quickly to ensure they get the opportunity to participate.

“I would like to pay tribute to the Kingdom of Bahrain’s wise leadership and the Kingdom of Saudi Arabia’s continuous support to Alba. Alba is an integral part of the Bahraini economy,” said Al-Kooheji. “Given this, I am delighted that Bahraini citizens, and in particular the Alba employees who play such a vital role in ensuring Alba’s success, now have the opportunity to share in the ownership of the business.”