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Aluminium Bahrain B.S.C. (Alba), one of the leading aluminium smelters in the world, announced the appointment of financial advisors for its Line 6 Expansion Project - J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) - at a signing ceremony held on Monday June 15, 2015.
The signing ceremony, held in Alba, was attended by Alba's Chairman of Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa and the Chief Executive Officer, Tim Murray; the Senior Country Officer and Managing Director of J.P. Morgan in Bahrain, Ali Moosa; the Head of Wholesale Banking for GCC (excluding KSA) & International at GIB, Ravi Krishnan, Head of Debt Capital Markets at GIB, Roderick Gordon and the Head of Equity Capital Markets/ Investments at GIB, Fakhr-e Fazli; in addition, the General Manager of Treasury, Overseas Branches & Operations at NBB, Hussain Al-Hussaini, General Manager of Domestic Banking Group at NBB, Abdul Aziz Al Ahmed and the Assistant General Manager at NBB, Nader Al Maskati.
Alba, during its EGM held on Wednesday June 10, 2015, approved the Line 6 Expansion 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 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. The Line 6 potline will utilize Dubal's DX+ Technology, which will bring state-of-the-art technology to optimise cost performance and reduce energy consumption.
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.
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's Chief Executive Officer, 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. We believe that our collaboration with J.P. Morgan, GIB and NBB will position us to successfully complete this brownfield expansion."
Speaking at the ceremony on behalf of Line 6 financial advisors, Hussain Al-Hussaini, General Manager of Treasury, Overseas Branches & Operations at NBB: "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."
-Ends-
About Alba:
Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 931,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.
Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company's shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).
About Line 6 Expansion Project:
Line 6 Expansion Project, expected to begin production by early 2019, will boost the per-annum production by 514,000 metric tonnes, bringing the total production capacity of Alba to around 1.450 million metric tonnes per year.
Bechtel Canada completed the Bankable Feasibility study for the $3.5 billion Line 6 Expansion Project in December 2014, which includes the construction of a fifth power station with a capacity of 1,350 Mega Watts. DX+ Technology is selected as the base for Line 6, while J.P. Morgan, GIB and NBB are the Financial Advisors of the Project.
The Line 6 Expansion Project will enhance Kingdom of Bahrain's downstream industry by creating many co-investment opportunities through local and foreign aluminium investments. It will also create hundreds of jobs, directly and indirectly, which will be a significant economic boost for the Kingdom of Bahrain.
For further details, please contact:
Eline Hilal
Investor Relations Manager
Tel: (973) 1783 5100
Mob: (973) 39907255
E-mail: eline.hilal@alba.com.bh
Website: www.albasmelter.com.bh
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© Press Release 2015
