McLaren Life banner
1 - 17 of 17 Posts

·
Registered
Joined
·
7,669 Posts
Discussion Starter · #1 ·
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 chief executive told Reuters on Tuesday.
“The racing team has benefited from the growth and viewership so that side of the business has been doing fantastically well,” Mumtalakat’s chief executive Khalid Al Rumaihi said in an interview.

The automotive side clearly has challenges, but we believe in the company and we think this will be a prime candidate, obviously not at the moment, but in 2 to 3 years for an IPO (initial public offering),” he said.

McLaren did not immediately respond to a request for comment when contacted by Reuters on Tuesday.

Mumtalakat, which has just north of $18 billion in assets under management, released its standalone annual results on Tuesday, which showed it swung to profit in 2021 from a loss in 2020.

The fund reported a profit of 45.6 million dinars ($120.96 million) for 2021, compared with a loss of 550.7 million dinars for the year 2020. It said the results were the fund’s highest earnings on an annual basis since it was established in 2006.

The fund paid dividends to the government, it said, of 20 million dinars as a contribution to the national budget.

Mumtalakat adopted a new investment strategy
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 Aluminum Bahrain (Alba) (ALBH.BH) 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 second listing for Alba on Saudi Arabia’s bourse, the region’s largest stock exchange, was being considered by the company among several other options.

“It is one of the initiatives they [Alba] are looking at,” he said.

Mumtalakat said the lifting of travel restrictions resulted in higher ticket sales for its national carrier, Gulf Air, and that its principle associates National Bank of Bahrain (NATB.BH) and Bahrain Telecommunications Company (BTEL.BH) continued to report strong results. (Reporting by Hadeel Al Sayegh)
 

·
Registered
Joined
·
7,669 Posts
Discussion Starter · #3 ·
Makes sense after Ferrari. The really could use the cash infusion. Timing is tough. Hopefully they show some good revenue and can get their faster.
Yes but Ferrari went through being acquired first by Fiat and then an IPO.
Think the IPO talk is more about Mumtalakat hopes and desire than reality….
 

·
Registered
Joined
·
3,155 Posts
After the Aston Martin IPO fiasco, I am sure any McLaren IPO would include funds being invested back in the company, not just a straight cash out.
They're fundamentally much better positioned than Aston, imo, in terms of product offerings and technology. I would much prefer they go public rather than sell out to the Germans.
 
1 - 17 of 17 Posts
Top