Tuesday, September 29, 2020

Alba Board Meeting for the 2nd Quarter

Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, has been taking solid steps with the progress of Line 6 Expansion Project, according to a statement issued by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa.

The statement was made at the second quarterly meeting for this year, held on Thursday, 25 May 2017 at Alba.

Adding further, Shaikh Daij said:

“We are very pleased with securing the first tranche of Export Credit Agency (ECA), c. US$ 700 million, and we expect another US$300 – US$400M of ECA-covered financing to be closed by the end of the 3rd quarter which will fully secure Line 6 financing.

I would also like to thank the Alba team for the significant progress in restoring reduction line 5. We look forward to fully resuming Line 5 production both safely and as soon as possible.”

During the meeting, the Board approved the minutes of the previous meeting, which was held on 9 February 2017 as well as the membership of the Standing Committees of the Board.

In addition, the Board reviewed reports of the Executive Committee, Board Audit Committee and the Nomination and Remuneration Committee. Further updates were given on reports related to Safety, Financial Performance, Line 6 Expansion Project progress, Power Outage, Project Titan – Phase II along with overall Industry Market trends.

The Board, also, approved the appointment of Hassan Noor as the acting Chief Operations Officer (COO) and Amin Sultan as the Chief Power Operations with immediate effect.

The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board Shaikh Daij Bin Salman Bin Daij Al Khalifa, includes Mr. Yousif Abdulla Taqi, Mr. Osama Mohammed Al Arrayedh, Mr. Yaser E. Humaidan, Dr. Mohamed Kameshki and Suha Karzoon. The two Directors appointed by Sabic Industrial Investments Co (SIIC) are Mr. Ali Al Shamrani, Mr. Ahmed Mohammad A. Al Jabr and two independent Directors, Mr. Uwaidh Khalaf H. Al Harethi and Mr. Mutlaq Al-Morished.

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