The Aluminium Bahrain (Alba) Board of Directors held their One Hundredth meeting (Tuesday, 11 November 2005).
The meeting, which was held at the Ritz Carlton Hotel Bahrain, was Chaired by the Chairman of the Alba Board of Directors, Dr. Mohamed J.K Alghatam and attended by Deputy Chairman of the Alba Board of Directors, Nader Khalil Al Moayed, Dr. Essam Abdulla Fakhro, Shaikh Duaij bin Salman Al Khalifa, Shaikh Mohammed bin Khalifa Al Khalifa, Fawzi Ahmed Kanoo and David Meen as the Government of Bahrain representatives on the Alba Board, Mutlaq bin Hamad Al Muraished and Mohammed bin Saleh Al Jaber as the SABIC representatives on the Alba Board and Gert Rohrseitz as the Breton Investments representative on the Board.
Also present were representative of the Alba Executive Management Team including the Alba Acting Chief Executive, Ahmed Saleh Al Noaimi, the Deputy Chief Executive, Plant Operations, Mahmood Mohamed Al Daylami and the Finance General Manager, Nezam Noor.
Over the years, major decisions that contributed directly both the company's success and to the Kingdom's social, economic and industrial development, had been made at Alba board meetings.
Yesterday's meeting, the 100th since Alba's commissioning almost 35 years ago, was also the first Board meeting since His Highness the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa visited the plant in September to preside over the inauguration ceremony of Alba's newest reduction line, Line 5, which made Bahrain home to the largest modern smelter in the world.
During the meeting, Dr. Alghatam praised the efforts of the Government of Bahrain in developing the Kingdom's industries and expressed appreciation to His Majesty King Hamad bin Isa Al Khalifa, His Highness the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa and His Highness the Crown Prince and Commander in Chief of the Bahrain Defence Force for their continuous support.
Dr. Alghatam also hailed the pivotal role played by the Government of the Custodian of the Two Holy Mosques in supporting the development of the company.
During the meeting, the Board reviewed recommendations for an Alba management restructure that were made by consultants who were commissioned to study the company's strategic plans. Following the review, the Board issued instruction to proceed with implementation.
The Board also reviewed the latest Purchasing, Marketing and Hedging reports as well as the company's auditing reports. They also reviewed the report submitted by the National Audit Court as well as the steps and procedures that were taken by the company to address the observations and recommendations made in the report.
After reviewing and approving the minutes of the previous board meeting, the Board also reviewed an initial study on a proposal to further expand Alba's production capacity with the construction of a sixth reduction line and the extension of its fourth reduction line and discussed plans to improve production across Alba's five reduction lines.
The Board also reviewed projections for the smelter's production and marketing plans and reviewed the company's 2006 Financial Plan as well as a series of capital expenditure project proposals that were presented to help meet the plant's operational requirements.
On the occasion of the Hundredth Alba Board Meeting, Dr. Alghatam hosted a lunch banquet for Board members as well as senior members of the Alba Management team in appreciation of their contributions to the company's success.
-Ends-
© Press Release 2005
