Alba on track to meet 2013 targets
Manama, September 24, 2013
Aluminium Bahrain (Alba), one of the largest and most modern aluminium smelters in the world, is on track to meet its growth targets despite low LME prices, said its top official.
Speaking at Alba's third quarterly meeting for 2013, chairman Mahmood Hashim Al Kooheji said Alba had made a significant improvement in overall safety performance for which the entire team should be commended.
"We believe that a strong safety programme and the successful financial performance of the company are closely linked. Alba is well-positioned to meet its production targets for the remainder of 2013 thanks to a combination of focused leadership of the executive team and the commitment of its dedicated workforce," said the chairman at the board meeting held on Tuesday at Sofitel Bahrain, Zallaq Thalassa Sea & Spa.
During the meeting, the board approved the 2014 marketing plan, the half-yearly financial statements along with the recommendation to distribute interim cash dividends of BD19.7 million ($52.5 million).
"We welcomed the opportunity to discuss with the GCC Board Directors Institute (BDI) the latest developments in the global best practices in the field of corporate governance. Alba has made a significant improvement in overall safety performance for which the entire team should be commended," he added.
The Alba board strategic committee also gave a progress update on the Line 6 Bankable Feasibility Study.
In addition, the board examined the management, the board audit committee and the human resources committee reports while updates were also given on AP30 Benchmarking and Capital Expenditure Plan.
The board later confirmed the appointment of Abdul-Aziz Al-Humaid as the new chairman of the Human Resources Committee (HRC).
The Alba board comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to 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.
Al Kooheji lauded 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, Deputy Supreme Commander and First Deputy Prime Minister, Prince Salman bin Hamad Al Khalifa.-TradeArabia News Service