Aluminium Bahrain focuses on meeting growth targets
- Bahrain: Wednesday, September 19 - 2012 at 16:28
- PRESS RELEASE
Aluminium Bahrain B.S.C. (Alba) has maintained its focus on achieving growth targets despite low LME prices, according to a statement issued by the Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji.
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 Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji, said, "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. 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 discussed the refinancing of the floating rate bonds facility, which is expected to mature in 2013. A presentation of the capital expenditure plan was 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 SafeWay, 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 of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, Mr. 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.
The meeting was attended by Alba's Senior Executive Management Team namely, Alba's Chief Executive, Laurent Schmitt, Chief Operations Officer, Isa Al Ansari, Chief Finance and Supply Officer, Tim Murray, Chief Marketing Officer, Jean Baptiste Lucas, Chief Support Functions Officer, Basem Al Sharqi and other company officials. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji expressed his sincere thanks and appreciation to the Government of Bahrain, led by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness the Crown Prince and Deputy Supreme Commander, Prince Salman bin Hamad Al Khalifa.
Mr. Al Kooheji also expressed his gratitude for the continuous support of the Kingdom of Saudi Arabia and the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud.
The Board expressed thanks and appreciation to the Senior Executive Management Team, the managers, Alba employees and their representatives in the Alba Labour Union for their hard work, and their support to enhance and develop the company's operations.
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