Alba appoints financial advisors for Line 6 Expansion Project

Manama

Aluminium Bahrain B.S.C. (Alba), one among the leading aluminium smelters in the world, announced the appointment of J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) as its financial advisors for its Line 6 Expansion Project at a signing ceremony yesterday.

The signing ceremony, held in Alba, was attended by Alba’s Chairman of Board of Directors Shaikh Daij Bin Salman Bin Daij Al Khalifa, CEO Tim Murray, J.P. Morgan Bahrain MD Ali Moosa, GIB’s Head of Wholesale Banking for GCC (excluding KSA) & International Ravi Krishnan, Head of Debt Capital Markets Roderick Gordon and the Head of Equity Capital Markets/ Investments at GIB Fakhr-e Fazli along with NBB’s GM of Treasury, Overseas Branches & Operations Hussain Al-Hussaini, Domestic Banking Group GM Abdul Aziz Al Ahmed and NBB AGM Nader Al Maskati.

Alba, during its EGM held last Wednesday, approved the Line 6 Expansion Project, which is expected 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 upon full ramp-up, bringing its total production capacity to approximately 1,450,000 metric tonnes per year.

Actual construction of Alba’s Line 6 is estimated to commence in 2016 upon the completion of final engineering designs, selection of project EPCM for Line 6 and EPC for the Power Station 5. By acting as Alba’s financial advisors, J.P. Morgan, GIB and NBB will provide advice and services in connection to the Structuring and Financing for Line 6 Expansion Project.

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Speaking at the signing ceremony, Alba’s Chairman of Board of Directors, 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.”

Alba CEO Tim Murray added, “Line 6 Expansion Project builds upon Alba’s organic growth, which upon completion, will present many opportunities for both Alba and Bahrain.”