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Officials at the ceremony

Alba names financial advisors for Line 6

MANAMA, June 15, 2015

Aluminium Bahrain (Alba), one of the leading aluminium smelters in the world, has appointed JP Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) as the financial advisors for its Line 6 expansion project.

Alba had last week approved the giant project, which will make it the largest single site smelter in the world upon completion.

Expected to begin production in early 2019, the project will boost the company’s per-annum production by 514,000 metric tonnes (MT) upon full ramp-up, bringing its total production capacity to 1,450,000 MT per year, said the statement from the company.

The agreement was signed in the presence of Alba’s chairman of board of directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa and the chief executive officer, Tim Murray and other senior officials.

Ali Moosa, the senior country officer and managing director of JP Morgan in Bahrain; Ravi Krishnan, the head of wholesale banking for GCC (excluding Saudi Arabia) and International at GIB; Roderick Gordon, the head of debt capital markets at GIB and Fakhr-e Fazli, the head of equity capital markets/ investments at GIB, also attended.

The actual construction of Alba’s Line 6 is estimated to begin in 2016 upon the completion of final engineering designs; selection of project engineering, procurement, and construction management (EPCM) for Line 6; and engineering, procurement and construction (EPC) for the Power Station 5, it said.

The Line 6 potline will utilise Dubal's DX+ Technology, which will bring advanced technology to optimise cost performance and reduce energy consumption.

By acting as Alba’s financial advisors, JP Morgan, GIB and NBB will provide advice and services in connection to the structuring and financing for Line 6 expansion project.

Speaking on the ceremony, Shaikh Daij said: “We are excited to move ahead with the Line 6 expansion project, which comes after a decade since the last expansion (Line 5) in 2005.”

“Bahrain has a strong and reputed banking industry in the Middle East Region, and as a leading Bahraini company, we are proud to partner with some of the leading institutions for the Line 6 expansion project,” he added.

Murray said Line 6 expansion project builds upon Alba’s organic growth, which upon completion, will present many opportunities for both the company and Bahrain.

"We believe that our collaboration with JP Morgan, GIB and NBB will position us to successfully complete this brownfield expansion,” he stated.

Hussain Al-Hussaini, the general manager of treasury, overseas branches and operations at NBB,  said: “We are very pleased to partner with Alba and we are happy to participate in the company’s next chapter of success as well as share Alba’s future growth.”

NBB officials Abdul Aziz Al Ahmed, the general manager of domestic banking group and Nader Al Maskati, the assistant general manager, also attended the signing ceremony.-TradeArabia News Service




Tags: Alba | NBB | GIB | JP Morgan | Financial advisors |

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