The Associated Press October 17, 2010, 7:06AM ET

Bahrain sovereign fund to sell stake in smelter

Bahrain's sovereign wealth fund is looking to raise more than $500 million by selling off a stake in the Gulf nation's aluminum smelter.

The Mumtalakat fund said Sunday it is holding an initial public offering for as many as 163.3 million shares in Aluminium Bahrain. That represents an 11.5 percent stake in the company.

It is offering the shares for 0.9 dinars to 1.25 dinars ($2.39 to $3.32) apiece.

Aluminium Bahrain's smelter ranks among the world's largest by capacity. It is one of the island nation's main industrial facilities outside the oil and gas industry.

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