Alba holds its Board Meeting for Third Quarter of 2024
TDT | Manama
The Daily Tribune - www.newsofbahrain.com
Email: anchalo@newsofbahrain.com
Aluminium Bahrain B.S.C (Alba), the world’s largest smelter on one site, held its third quarterly Board of Directors’ meeting on Wednesday, September 18, 2024.
Alba's Chairman of the Board, Khalid Al Rumaihi, welcomed members of the board and inaugurated the new Data Command Centre. The state-of-the-art facility will serve as a centralised hub for overseeing and managing Alba’s operations.
Presiding over the meeting, Khalid Al Rumaihi welcomed the recently announced partnership with Saudi Arabian Mining Company (Maaden), marking the initiation of due diligence for a potential business combination involving segments of Maaden’s aluminium strategic business unit. He also emphasised the Company's dedication to operational excellence and cost efficiency amid the volatile economic landscape and expressed confidence for a strong finish to the year.
Additionally, Al Rumaihi emphasised the importance of Alba's Data Command Centre in enhancing operational efficiency and responsiveness and stated: "Our Data Command Centre will empower us to monitor, control, and coordinate our activities with unprecedented precision, enabling us to navigate challenges with agility. As we enter the final quarter of 2024, we look forward to celebrating the successful commercial operation of Power Station 5 Block 4 Project.
I also take the opportunity to welcome Hisham Al Kooheji as the Chief Marketing Officer (CMO) to the C-Suite of Alba and wish him the very best in his new role.”
Adding further, Alba’s CEO Ali Al Baqali stated: “As we continue to position Alba at the forefront of the global aluminium industry, I am delighted to welcome Hisham Al Kooheji to our Executive team as Chief Marketing Officer. His expertise and strategic vision will undoubtedly play a pivotal role in driving our growth and market leadership.”
During the meeting, the Board reviewed and approved the minutes of the previous meeting held on 13 August 2024, and received comprehensive updates from the Executive and ESG Committee, Board Audit Committee, and Nomination, Remuneration, and Corporate Governance Committee on strategic matters to include progress of Power Station 5 (PS5) Block 4 Project, the Company’s operational, financial and sales performance to-date, the ongoing feasibility study for the New Replacement Line (Class 3), Pillar Two and Bahrain Domestic Minimum Top-up Tax, amongst others. Additionally, the Board unanimously approved the Lines 4-5 Creep Up Project, which, upon completion, will enhance Alba’s metal production by an additional 8,000 metric tonnes per year at a capital expenditure of US$30 million. In addition, the Board approved the promotion of Hisham Al Kooheji to the Chief Marketing Officer effective 18 September 2024.
During this meeting, the complete declarations of Individual Directors and an update on the Independence of each Alba Board Director were also given.
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