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;))