Aluminium Bahrain B.S.C. (Alba) is on track to meet its growth targets despite low LME prices, according to a statement issued by the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji.
He was speaking during the third quarterly meeting for the year 2013 held on Tuesday, September 24, 2013 at Sofitel Bahrain, Zallaq Thalassa Sea & Spa.
The Board approved the 2014 Marketing Plan, the half-yearly financial statements along with the recommendation to distribute interim cash dividends of BD 19.7 million (US$ 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,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji added.
“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.”
As part of the regular review, the Board of Directors observed matters arising from the previous board meeting as well as discussed various strategic and operational matters.
During the meeting, the Board Strategic Committee 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.
Alba Board of Directors confirmed the appointment of Abdul-Aziz Al-Humaid as Chairman of the Human Resources Committee (HRC).
The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, 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 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, Deputy Supreme Commander and First Deputy Prime Minister, Prince Salman bin Hamad Al Khalifa.
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 meeting was attended by Alba’s Senior Executive Management Team as well as other company officials.
The Board expressed thanks and appreciation to the Senior Executive Management Team, managers, Alba employees and their representatives in the Alba Labour Union for their continuous support to boost the company’s operations.