Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, has been performing reasonably well in light of the market conditions, 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 following the fourth quarterly meeting for the year 2016, which was held on Wednesday December 07, 2016 at Alba.
The Board approved the minutes of the previous meeting, which was held on Wednesday September 28, 2016 as well as reviewed the reports of the Board Executive Committee, Board Audit Committee and the Nomination and Remuneration Committee during the meeting.
At this meeting, the Board reviewed and approved the 2017 Annual Operating Plan. . In addition, the Board 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.
The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“We are pleased with the continued progress on the Line 6 Expansion Project – Alba successfully closed US$ 1.5 billion syndicated loan tranche and we are optimistic to secure an additional US$ 1 billion in Export Credit Agency (ECA) backed financing within the 1st quarter of 2017.”
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. 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.
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 include Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Fahad Nasser Al-Hazzani, Dr. Mohamed Kameshki and Suha Karzoon. The two Directors appointed by Sabic Industrial Investments Co (SIIC) are Fahad S. Al Sheaibi and Khalid Al-Garni and two independent Directors, Abdul Aziz Al Humaid and Mutlaq Al-Morished.