"Alba remains committed toward maintaining its leading position among international aluminum smelters by studying and implementing the various strategic options required to steer the company towards greater operational efficiency and enhanced global competitiveness," the Chairman of Alba's board of directors Mahmood Hashim Al-Kooheji told the company's third quarterly meeting.

The board also approved distributing quarterly profits worth $79 million to shareholders, distribute three percent of the company's treasury shares to shareholders, and amend the ownership percentage accordingly.

"In terms of half-yearly profit, the company exceeds the approved budget for this period," Al-Kooheji told the board.

The board also expressed confidence that the company will meet, and potentially exceed, current growth targets set for the year through the efforts of all Alba employees and the teamwork among them.

"Alba remains determined to strengthen its leadership in the regional and global markets, and is proud of its status as a flagship asset contributing to the Bahrain economy," he said.

"We emphasize our commitment to growth remains strong as we continue to examine various strategic options that will enable Alba to deliver results to its key stakeholders, shareholders, people of Bahrain and its employees. As we are heading toward converting Alba into a public joint stock company, we are confident that it will enable the company to study the available options in order to benefit from the opportunities in the local, regional, and international markets. It will also contribute to Alba's continuous efforts toward increasing transparency and good governance in the company," Al-Kooheji added.

The board also discussed and approved the detailed marketing plans for 2011 to ensure the best revenues for the company. The board reviewed the quarterly report presented by the management on "Alba Star" project, which is aimed at reducing costs and increasing annual efficiency yielding $250 million per year. In this regard, the board met with the Bahraini officials in the company that are leading the teams responsible for implementing these initiatives by the company's work force.

The board also spelled out the guidelines for the continuing efforts aimed at improving the national work force.

These efforts will help in maintaining Bahrainization levels that are today considered to be the highest among industrial companies in Bahrain.

Alba's chief executive, Laurent Schmitt, the Alba chief operation officer, Mohammed Mahmood, Alba chief financial officer, Tim Murray and other company officials, attended the meeting.