DUBAI (AP) — Bahrain’s sovereign wealth fund Mumtalakat, which has a 60% stake in McLaren, expects the British racing team and supercar maker to go public in two to three years, its head said Tuesday. chief executive to Reuters.
“The racing team has benefited from the expansion and audience, so the business is performing wonderfully,” Mumtalakat general manager Khalid Al Rumaihi said in an interview.
“The automotive aspect has obvious challenges, but we at the company and we believe that it will be a leading candidate, obviously not at this time, but in 2 or 3 years for an initial public offering,” he said.
McLaren did not respond to a request for comment when contacted via Reuters on Tuesday.
Mumtalakat, which has just over $18 billion in asset management, on Tuesday released its independent annual results, which show it made a profit in 2021 after a loss in 2020.
The fund posted a profit of 45. 6 million dinars ($120. 96 million) for 2021, compared to a loss of 550. 7 million dinars for 2020. He said the effects were the fund’s highest annual income since its inception in 2006.
The fund paid dividends to the government, he said, of 20 million dinars as a contribution to the budget.
Mumtalakat’s strong results were a result of the fund’s new investment strategy, which focuses on an active ownership model.
Results were boosted by its shareholding in Aluminium Bahrain (Alba) which recorded strong earnings last year on higher LME prices and higher production and sales from its line 6 expansion.
Mumtalakat owns about 69% of Alba, the world’s largest aluminum smelter outside of China, according to information on the company’s website.
Rumaihi said a momentary directory of Alba on the Saudi Arabian Stock Exchange, the region’s largest stock exchange, is considered through the company, among other options.
“This is one of the projects they are considering,” he said.
Mumtalakat said the lifting of restrictions has led to higher-priced ticket sales for its flag carrier, Gulf Air, and its main partners, the National Bank of Bahrain and the Bahrain Telecommunications Company, continue to post strong results.
($1 = 0. 3770 Bahraini dinars) (Reporting via Hadeel Al Sayegh, editing via Louise Heavens)
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