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Alba expecting strong finish for 2016

MANAMA, December 7, 2016

Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, said it has been performing reasonably well in light of the market conditions and is expecting a strong finish for 2016, said the chairman of Alba’s board of directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa.

Shaikh Daij was speaking at the conclusion of the fourth quarterly meeting for 2016 held at Alba premises on Wednesday.

"We are pleased with the continued  progress on the Line 6 Expansion Project – Alba successfully closed $1.5 billion syndicated loan tranche and we are optimistic to secure an additional $1 billion in Export Credit Agency (ECA) backed financing within the first quarter of 2017," he stated.

At the board meeting, the members reviewed and approved the 2017 Annual Operating Plan. In addition, they reviewed the 2016 Corporate Governance Report and Q3 2016 Financial Statements.

The management gave an update on safety, the progress of Line 6 Expansion Project, Project Titan – Phase II and the Financial Performance for which Alba is expecting a strong finish for 2016, said a statement from Alba.

In addition, the board reviewed the results of the investigation into the allegations against the Alba Labour Union (ALU).

After a thorough review of the evidence, several decisions were taken by the board and the management has been instructed to implement the necessary corrective actions immediately, it stated.

Furthermore, Alba will be reviewing some of the findings with the relevant Bahrain authorities where applicable. The board, also, approved the appointment of Amin Sultan as chief operations officer (COO) with immediate effect, it added.

The board comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Shaikh Daij include Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Fahad Nasser Al Hazzani, Dr Mohamed Kameshki and Suha Karzoon.

It also includes two directors appointed by Sabic Industrial Investments Company are Fahad S. Al Sheaibi and Khalid Al Garni and two independent directors, Abdul Aziz Al Humaid and Mutlaq Al Morished.-TradeArabia News Service




Tags: Bahrain | aluminium | Alba | smelter |

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