Mumtalakat’s transparency upgraded

Published March 10th, 2009 - 02:20 GMT

Mumtalakat’s transparency upgraded
Bahrain Mumtalakat Holding Company (“Mumtalakat”), announced today that its transparency score has been upgraded following quarterly research undertaken by the independent Sovereign Wealth Fund Institute.  The latest upgrade sees Mumtalakat retain its position as one of the leading investment companies in the GCC region for transparency.
Mumtalakat’s transparency score has increased to 7 from 6 out of a possible 10 index score.  Of the 9 Gulf investment companies covered in the study, Bahrain has the joint highest transparency score on the SWF Institute’s Linaburg-Maduell Transparency Index, alongside the UAE’s Mubadala.
The Linaburg-Maduell Transparency Index, developed at the Sovereign Wealth Fund Institute, is based on ten essential principles that depict sovereign wealth fund transparency to investors. These include the provision of percentage ownership of company holdings, financial returns, and geographic locations of holdings as well as the provision of clear strategies and objectives for the future.
The upgrade follows the publication of Mumtalakat’s first set of financial results last year which saw it post total revenues of BD1.8 billion which generated net income of BD245.8 million for the period 29 June 2006 to 31 December 2007.
Talal Al Zain, Chief Executive of Bahrain Mumtalakat Holding Company, commented:
“Mumtalakat has always been open and transparent in its holdings and investment strategy. We remain committed to expanding the company’s investments internationally whilst demonstrating our commitment to the highest standards of transparency and accountability.  We intend to continue to invest in our corporate governance as we believe greater transparency builds investor confidence and helps to create better operational performance across Mumtalakat’s portfolio of assets.”

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