Alba drops power assets spin-off plan

MANAMA: Alba, the world’s largest aluminium smelter ex-China, has decided not to spin off its power assets into a separate company, given the high risks associated with the divestment.

This was announced yesterday in a statement after the first in-person board of directors meeting of the company since the outbreak of the Covid-19 pandemic.

During the meeting, directors were updated on the five-year strategic initiatives, including a feasibility study on the possibility of the spin-off.

The meeting also provided insights on Alba’s overall performance in terms of productivity amidst high raw materials prices; overall sales with the global logistics’ issue; safety (achieving more than 16.5 million safe working-hours to-date and more than 99.7 per cent vaccination of its workforce) and plant performance, financial performance-to-date, Al Hassalah programme, and Spent Pot Lining Treatment Plant construction progress.

“We are very thankful to Bahrain’s leadership for everything they have done since the start of the pandemic along with all frontliners to bring us to where we are today. We were able to conduct this meeting in-person thanks to their efforts during the last 1.5 years,” said Alba chairman Shaikh Daij bin Salman Al Khalifa.

“As we navigate through this pandemic, we have set new benchmarks in terms of operational and financial performance (breaking all-time records in terms of higher production, EBBITDA and net profits for the first half of 2021) as well as on the ESG front especially as we have recently signed a memorandum of understanding with the Sustainable Energy Authority (SEA) to implement various sustainable energy initiatives of common interest – this will take us one step further towards decarbonisation.”

The Q3 board meeting reviewed reports of the executive, board audit and the nomination, remuneration and corporate governance committees.

The Alba board includes six directors appointed by Mumtalakat – Shaikh Daij, Yousif Taqi, Suha Karzoon, Shaikh Isa bin Khalid Al Khalifa, Tim Murray and Rasha Sabkar.

The three directors appointed by Sabic Industrial Investments Company are Ahmed Al Duriaan, Iyad Al Garawi and Omar Al Amoudi, with Mutlaq Al Morished being the sole elected director.

Source: https://www.gdnonline.com/Details/978568