Aluminum Bahrain receives $107 million bank loan
Aluminum Bahrain (Alba) was recently granted a $107 million loan, arranged by the Arab Banking Corporation (BSC) and the Sumitomo Mitsui Banking Corporation, reported a company press release. The loan will be repaid in 10 equal semi annual installments, commencing six months from signing.
The agreement was well received in the market, with the Arab National Bank, Barclays, Mizuho Financial Group, Qatar National Bank, Riyad Bank, the Standard Chartered Bank and the Saudi British Bank joining the transaction as arrangers at $10 million, and the Arab Bank and the Arab Investment Company as co-arrangers at five million dollars.
The loan follows a recent $1.7 billion company expansion funded by Alba shareholders and bank loans, including the construction of a new power station with a 650-megawatt capacity and a $500 million port, reported the official GNA news agency.
Alba’s output is expected to rise by 50 percent by 2004, boosting production from the company’s current 500,000 tons to 750,000 tons per annum and creating seven thousand new jobs openings.
Alba began operating in 1971. It has its own shipping terminal, receiving constant supplies of raw materials including aluminum, petroleum coke and liquid pitch. Alba is 77 percent owned by the Bahraini government, 20 percent by the Saudi Arabian Public Investment Fund and three percent by the German Breton Investments Group. — (menareport.com)
© 2001 Mena Report (www.menareport.com)