Alba applauds success of $1.5b financing

Alba Board of Directors held their third quarterly meeting for 2016 on Wednesday, September 28, 2016 at Alba

MANAMA: 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 Shaikh Daij Bin Salman Bin Daij Al Khalifa, the Chairman of Alba’s Board of Directors.

The statement was made following the third quarterly meeting for this year, which was held on Wednesday, September 28, 2016 at Alba.

“We are pleased with the tremendous success of the recent US$1.5 billion financing which was the largest corporate loan in the history of the Bahrain.
Alba is focused on its future growth strategies and we remain committed to deliver Line 6 on schedule and below the budget,” Shaikh Daij, said.

During the meeting, the Board approved the minutes of the previous meeting, which was held on June 1, 2016, the half-yearly financial statements as well as 2017 Marketing Plan.
In addition, the Board reviewed reports of the Executive Committee, Board Audit Committee, and the Nomination and Remuneration Committee while updates were also given on reports related to Safety, Financial Performance, Line 6 Expansion Project, Project Titan – Phase II and Industry Market trends.

In addition to the Chairman of the Board, Shaikh Daij Bin Salman Bin Daij Al Khalifa, the Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company – 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.

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