Manama, Bahrain : Mazad, W.L.L, a local portfolio company of Bahrain Mumtalakat Holding Company "Mumtalakat" mandated with overseeing the Kingdom of Bahrain’s public and electronic auctions, has signed a cooperation agreement with Aluminium Bahrain B.S.C. (Alba), one of the world's largest aluminium smelters, to launch a project to dismantle and sell two of Alba’s power stations through Mazad’s digital platform.
This cooperation, which brings together two companies from the portfolio of “Mumtalakat”, the sovereign wealth fund of the Kingdom of Bahrain, is in line with Mumtalakat’s efforts to develop collaborative opportunities between its companies.
The agreement stipulates the dismantlement of the power stations, in addition to the removal of structures and equipment, including turbines, generators, spare parts and other fixtures; in order to auction the items through Mazad’s digital auction platform enabling clients to purchase assets through a streamlined and transparent process.
“We are fully committed to following the principle of transparency through reliable business operation practices, further supporting our resilient efforts to diversify and strengthen our asset portfolio and contribute to the advancement of the national economy. The auction of Alba’s power stations will create a competitive environment for investors, and we strive to reach the highest number of buyers through this sale,” said the Mr. Talal Al Araifi, Chief Executive Officer of Mazad.
Adding further, Mr. Ali Al Baqali, Chief Executive Officer of Alba, commented: “We are pleased to be partnering with Mazad to sell the assets of power stations 1 and 2, while maintaining the best practices in line with Alba’s governance principles. Through this partnership, we strive to receive the best value for our assets which date back to the Company's inception.”
“, This cooperation also comes as part of our efforts to promote a circular economy in line with our Environmental, Social and Governance Roadmap as well as contribute to reducing waste through the repurposing of assets,” he added.
More details on the assets for sale will be provided over the coming days. Those interested in the project will be required to register on Mazad’s digital platform.
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