Investors in an Alba share issue were in profit yesterday after the shares traded on the Bahrain Stock Exchange (BSE) for the first time.

Alba shares closed in positive territory at the close of trading at 915 fils, ahead of the 900 fils price that investors paid.

The shares were launched on the exchange at a ceremony attended by Central Bank of Bahrain (CBB) Governor and BSE chairman Rasheed Al Maraj and Alba chairman Mahmood Al Kooheji.

Al Maraj said that Alba is considered one of the leading national companies that is effectively contributing to the support of the economy of Bahrain.

He said that Bahrain is continuously insisting on executing its strategy to enhance the investment environment in the kingdom and attract both local and foreign investments in a way that will increase the role of the private sector in economic and social development.

'The CBB is making all efforts to develop the legislative and legal infrastructure of the financial sector to meet the growing needs of the economy and provide an environment with the highest standards of transparency and disclosure in accordance to international standards,' he said.

'The listing of Alba's shares will enhance the exchange and increase its trading activity, and at the same time grow the value of Alba and diversify its shareholder base,' said Al Kooheji.

'The process of offering Alba's shares in an IPO and listing the company is in line with the company's strategy to support the kingdom's Economic Vision 2030 to boost the role of the private sector in the Bahraini economy.

'The listing of Alba's shares in Bahrain and London also shows Alba's commitment to the highest standards of transparency and corporate governance,' he added.

Al Kooheji said that Alba's IPO has helped attract new investors to the exchange, both Bahraini and non-Bahraini, highlighting the investment opportunities available on the BSE.

The IPO will also give a greater opportunity for citizens and residents to participate in the future growth of the Bahraini economy, he added.

'This step will contribute to bringing more liquidity into the market and eventually expand the shareholders' and traders' base,' said BSE director Fouad Rashid.

'I encourage all those interested or are dealing in the capital markets sector to benefit from the legislative and technical infrastructure of Bahrain and initiate similar steps of privatisation of leading companies in the country through an IPO,' he said.

Rashid congratulated the management of Alba on the success of the IPO process, wishing the company further success in its future plans of supporting the Bahraini economy.

Alba's shares will be traded under the symbol ALBH in the IPOs market for six months according to the procedures followed at BSE, and the company will then be moved to the regular market to be traded in the industrial sector.

Following the listing of Alba on BSE, the number of Bahraini shareholding companies reached 49, of which five companies are non-Bahraini with a market capitalisation of BD7.6 billion ($20.1 billion).-TradeArabia News Service