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Aluminium Bahrain focuses on meeting growth targets
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Tuesday, 25 Sep 2012

Mr Mahmood Hashim Al Kooheji chairman of Alba's Board of Directors announced that Aluminium Bahrain BSC has maintained its focus on achieving growth targets despite low LME prices.

The statement was made following the Q3 meeting for the year 2012 held on September 19th 2012 at the Royal Golf Club, Riffa Views Bahrain. The Board ratified its approval of the appointment of BNP Paribas 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.

Mr Al Kooheji said that "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 Mr Fawzi Ahmed Kanoo, Mr Yusuf Abdulla Taqi, Mr Shaikh Mohammed bin Khalifa Al Khalifa, Mr Osama Mohammed Al Arrayedh and Mr David Meen. The two directors appointed by Sabic Industrial Investments Company are Mr Mutlaq Hamad Al Murished and Dr Talaat Dhafer Al Qahtani and the independent director Mr Abdul Aziz Al Humaid.

Mr Mahmood Hashim Al Kooheji chairman of Alba's Board of Directors 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. He 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.

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