Arabian Sugar Co., Bahrain’s only refinery of the sweetener, is seeking to raise $50 million by June to boost production and increase sales, Chief Executive Officer Yves Mallat said in an interview in Dubai Wednesday.
Production could be up to an annual pace of 600,000 metric tons of refined sugar by the third quarter, from last year’s 200,000 tons, Mallat said. The company now has invested capital of $100 million.
“Our goal is to reach $150 million paid-up capital by June,” Mallat said.
Arabian Sugar, started in 2014, has capacity to produce 600,000 to 660,000 tons a year, and has been held back because of working-capital constraints. Increased capital would allow it to provide more credit facilities to buyers, he said.
Arabian Sugar had output of about 80,000 tons in 2014 and has since taken sales from Iraq, the United Arab Emirates, Saudi Arabia, Kuwait and Qatar, Mallat said. It sells sugar to Mondalez International Inc. for its Tang powdered drink production in Bahrain, he said.