HSBC, JPMorgan said among banks seeking aluminum Bahrain mandate
By Bloomberg
Banks including HSBC Holdings Plc, JPMorgan Chase & Co., and Standard Chartered Plc are pitching to advise Aluminium Bahrain on funding for its $2.5 billion expansion, according to three people familiar with the matter.
BNP Paribas SA, which was appointed financial adviser for the initial stages of the expansion project in 2012, is also seeking to continue in the role, the people said. Alba, as the company is known, is considering funding the expansion through a bond issue or bank loans, the people said, asking not to be identified as the information is private.
The government of Bahrain approved the allocation of natural gas for Alba’s expansion plans in October. The construction of a sixth production line at its smelter will add 400,000 tonnes to the 890,000 tonne capacity. Alba is also considering a secondary listing of its shares in Saudi Arabia, the company said in September.
A spokeswoman for the company confirmed that Alba is looking for a financial adviser for the expansion project and would issue a statement once a bank has been selected. Spokesmen for HSBC and Standard Chartered declined to comment, as did spokeswomen for JPMorgan and BNP Paribas.
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