Aluminium Bahrain to Meet With Banks on Financing

Aluminium Bahrain BSC plans to raise $300 million to $500 million from regional banks as part of plans to expand production, the company’s chief executive officer said on Tuesday.

Alba plans to meet with banks later this month, CEO Tim Murray told a conference call after announcing first quarter earnings. “The market liquidity is there” for a regional financing, he said. The company is also planning a bond offering later this year, he said.

Alba in February said it would boost production by 540,000 metric tons to 1.5 million tons through a plant expansion. Sales in the first quarter came to 231,538 tons, up 1.4 percent from a year earlier, the company said.

(Corrects story originally published May 3 with latest expansion figures in third paragraph.)
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