UAE based TALEX eyes $150 million loan to replace bridge financing
Taweelah Aluminium Extrusion Company LLC (TALEX), the Middle East’s most advanced aluminium extrusion plant, is in discussions with regional and international banks for a working capital facility, Stylianos Tsoktouridis, general manager of TALEX, told to Reuters.
According to the source familiar with the matter, the loan is estimated to be around $150 million. With this loan, TALEX expects to replace a bridge financing which the company raised in 2014. The 2014 loan is expected to be matured this summer. Abu Dhabi- and Dubai-based lenders are likely to support theloan.
TALEX, a greenfield project, which started operating in February 2016, has a production capacity of 50,000 tonnes of aluminium extrusion. It is located in Abu Dhabi’s Khalifa Industrial Zone.
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TALEX is a joint venture between Abu Dhabi’s SENAAT and the Al Ghurair Group’s Gulf Extrusions. The plant offers casting, extrusion, surface treatment and fabrication services to international customers.
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