17 MAY 2017AlCircle.com
UAE based TALEX eyes $150 million loan to replace bridge financing
Edited by : Heena Iqbal
1 min read
<p>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.</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/business_8973fba129445dd7af9eb2f3c61e228d.jpg" alt="news" width="448" height="263" /></p>
<p>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.</p>
<p>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.</p>
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<p>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.</p>
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