Alba plans bond sale

Aluminium Bahrain is planning to raise funds through bond sale, according to a report by Reuters quoting its CEO Tim Murray. The process for the potential bond-sale will start in the first quarter of 2016; the CEO was reported to have said this in a conference call after its third-quarter results.

Alba had recently received approval for a big expansion and the bond sale is considered to fund the expansion.

“I don’t think the (bond) offering will be in Q1 (2016) but in terms of getting the process going it will be in Q1,” said Murray.

He said he thought there was ample market liquidity for Alba to issue a bond, but declined to say how much the company was looking to raise, the report added. “In terms of the (timing of the) actual issuance I’ll leave that to JP Morgan as our advisors,” said Murray.

The Aluminium heavyweight declared its third-quarter result on Wednesday. The company posted solid cash flow despite very difficult market environment.