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Aluminium Bahrain B.S.C. (Alba), one of the world’s leading aluminium smelters, continues to look forward as the Company prepares for future growth 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 2015, which was held on Wednesday, December 09, 2015 at Alba.
The Board approved minutes of the previous meeting, which was held on September 30, 2015 as well as discussed matters arising from the same.
At this meeting, the Board reviewed and approved the 2016 Annual Operating Plan which is forecasting a very difficult year as a result of the collapse of the All-In-Aluminium prices. The Board also reviewed the2015 Corporate Governance Report and Q3 2015 Financial Statements. The Management has also given an update on the status of Line 6 Expansion Project in light of securing the gas supply, Project Titan as well as Safety and Financial Performance. In addition, a comprehensive review on the LME market forecasts for 2016 and beyond was presented to the Board.
The Board Directors reviewed the reports of the Board Executive Committee, Board Audit Committee, and the Nomination and Remuneration Committee during the meeting.
The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“We would like to thank again the Leadership and the Government of the Kingdom of Bahrain for their continuous support of the Line 6 expansion project. We look forward to the growth in the Aluminium industry and will continue to streamline our operational costs in the face of very difficult market conditions expected in 2016.”
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.