Alba 'focused on growth targets'
Manama, September 19, 2012
Aluminium Bahrain (Alba), ranked as one of the largest aluminium smelters in the world, has maintained its focus on achieving growth targets despite low LME prices, according to its top official.
“Alba’s commitment to the principles of lean management and operational efficiency remain at the heart of the company’s efforts in achieving growth targets and delivering results for the company’s stakeholders," stated Mahmood Hashim Al Kooheji, the chairman of Alba’s board of directors.
His remarks came after the third quarterly meeting for 2012 held on Wednesday at the Royal Golf Club, Riffa Views, Bahrain.
Kooheji pointed out that this focus will no doubt, mitigate the challenges posed by external variables and enable the company to continue its healthy outlook for the remainder of the year.
The board ratified its approval of the appointment of BNP Paribas (BNP) as the financial advisor for the proposed Line 6 expansion project. Approval was also given to the 2013 marketing plan, the half-yearly financial statements along with recommendation of cash distribution dividends.
The board later discussed the refinancing of the floating rate bonds facility, which is expected to mature in 2013. A presentation of the capital expenditure plan was also made during the meeting.
The board examined the management, the board audit committee and the human resources committee reports while updates were also given on reports related to safety and Alba safe way, Star project Q2 2012 and other items of the Management Report.
The individual directors made a complete declaration as per the guidelines outlined in the corporate governance code.
The Alba board comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Al-Kooheji, include Fawzi Ahmed Kanoo, Yusuf Abdulla Taqi, Shaikh Mohammed bin Khalifa Al Khalifa, Osama Mohammed Al Arrayedh, and David Meen.
The two directors appointed by Sabic Industrial Investments Company are Mutlaq Hamad Al Murished, and Dr Talaat Dhafer Al Qahtani, and the independent director, Abdul Aziz Al Humaid.
Top officials including CEO Laurent Schmitt, COO Isa Al Ansari, chief finance and supply officer, Tim Murray, chief marketing officer, Jean Baptiste Lucas and chief support functions officer, Basem Al Sharqi attended.-TradeArabia News Service