Tuesday 5 March 2024

Talal Al Araifi and Ali Al Baqali.

Mazad inks deal for Alba power stations' sale in e-auction

MANAMA, December 4, 2023

Mazad, a company mandated with overseeing the Kingdom of Bahrain’s public and electronic auctions, has signed a co-operation agreement with Aluminium Bahrain (Alba), one of the world's largest aluminium smelters, to launch a project to dismantle and sell two of Alba’s power stations through its digital platform.
A local portfolio company of Bahrain's sovereign wealth fund Mumtalakat, Mazad said it is in line with Mumtalakat’s efforts to develop collaborative opportunities between its companies.
This co-operation brings together two companies from the portfolio of Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain.
The agreement stipulates the dismantlement of the power stations, in addition to the removal of structures and equipment, including turbines, generators, spare parts and other fixtures; in order to auction the items through Mazad’s digital auction platform enabling clients to purchase assets through a streamlined and transparent process. 
"We are fully committed to following the principle of transparency through reliable business operation practices, further supporting our resilient efforts to diversify and strengthen our asset portfolio and contribute to the advancement of the national economy," said its CEO Talal Al Araifi.
The auction of Alba’s power stations will create a competitive environment for investors, and we strive to reach the highest number of buyers through this sale.
Alba CEO Ali Al Baqali said: "We are pleased to be partnering with Mazad to sell the assets of power stations 1 and 2, while maintaining the best practices in line with Alba’s governance principles. Through this partnership, we strive to receive the best value for our assets which date back to the Company's inception."
"This cooperation also comes as part of our efforts to promote a circular economy in line with our Environmental, Social and Governance Roadmap as well as contribute to reducing waste through the repurposing of assets, he added.-TradeArabia News Service


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