Mazad launches e-auction to sell Alba’s old power stations

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Mazad, a local portfolio company of Bahrain's sovereign wealth fund Mumtalakat that has been mandated with overseeing the kingdom’s public and electronic auctions, has announced the launch of its latest project to sell and dismantle Aluminium Bahrain (Alba)’s old power stations through an auction on Mazad’s digital channels.

With a starting bid of BD1 million ($2.6 million), the auction concludes on February 7, said a statement from Mazad.

This auction follows the partnership agreement recently established between both organisations, in which Mazad has been tasked with launching the project across its various e-channels.

This step underscores the e-auctionMazad’s leading role in organising and overseeing local public and online auctions. In addition to creating a competitive atmosphere between investors, the digital auction will ensure a streamlined and transparent process, reaching a greater number of bidders.

Alba’s old power stations include a number of equipment such as steam and gas turbines along with their generators and accessories, cooling systems, a number of transformers, switches, electrical cables, other equipment, and a large number of spare parts.

The buyer will be responsible for dismantling all equipment and structures on-sale, cleaning the site location upon demolition, and removing all materials, in addition to providing the necessary tools and machinery to execute the project.

Mazad CEO Talal Al Araifi said: "We continue to expand our cooperation with a variety of public and private sector organisations as part of our goal to diversify our assets on auction and drive the national economy and sustainability."

"As such, our partnership with Alba reflects our efforts to provide a fair auction for all bidders in accordance with the highest standards and latest digital practices. We aim to launch Alba’s old power stations through Mazad’s digital platform to reach the largest number of potential buyers through a seamless, trusted and transparent platform," he added.