|16 May, 2017

UAE's TALEX in talks with banks for working capital facility

TALEX is a joint venture between Abu Dhabi's Senaat and Dubai's Al Ghurair Group

People walk past containers in Khalifa Port during its opening in Taweelah

People walk past containers in Khalifa Port during its opening in Taweelah

REUTERS/Ben Job
By Hadeel Al Sayegh and Davide Barbuscia

DUBAI, May 16 (Reuters) - The United Arab Emirates' Taweelah Aluminium Extrusion Co(TALEX), an aluminium producer, is in talks with local and international banks for a working capital facility, general manager Stylianos Tsoktouridis told Reuters.

TALEX, a greenfield project, has been in operation for just under a year. It owns and manages a 50,000 tonne aluminium extrusion plant in Abu Dhabi's Khalifa Industrial Zone.

The company is in talks with banks for a loan expected to be in the region of around $150 million, a source familiar with the discussions said late on Monday.

The loan would replace a bridge financing which the company raised in 2014 and which matures this summer. The banking group backing that loan included Abu Dhabi- and Dubai-based lenders, said the source.

TALEX is a joint venture between Abu Dhabi's Senaat and Dubai's Al Ghurair Group. Senaat is a state-owned investor in the emirate's industrial sector, while Al Ghurair Group is a diversified family-owned conglomerate with interests in manufacturing, real estate and finance.

(Editing by Andrew Torchia) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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