"Following formal approval from the board of
directors and the Cabinet, the company had applied for the listing procedure
with the Ministry of Industry and Commerce, which usually takes about 60 days
to complete," Alba Chairman Mahmood Hashim Al-Kooheji told journalists
during an annual Ghabgha meeting at the Alba Club.
"We welcome the increased levels of transparency and
good corporate governance that will flow from being a Public Joint Stock
Company and that such practices are already followed by the company," he
added.
Al-Kooheji said Alba would retain its position as the
world's top smelter by doubling its existing annual production capacity to 1.71
million metric tons under the 10-year business plan.
Referring to the half-yearly performance, he said the
company had achieved growth targets and would expect a $200 million profit by
year-end, despite soft marketing conditions.
During a half-yearly meeting, the Alba board discussed
strategic options for the company that would allow it to pursue future success
and achieve greater transparency.
He said the board would remain committed to operational
efficiency and enhancing the company's global competitiveness.
He said that Alba, which had achieved 88 percent
Bahrainization, would remain committed to investing in human resources
development in the years to come.
Alba is the second-largest and one of the lowest cost,
single location aluminum smelters in the world and is known for its
technological strength, global competitiveness and innovative policies. Alba
produces more than 850,000 metric tons per annum of the highest-grade aluminum,
with products including standard and T-ingots, extrusion billets, rolling slab,
propertzi ingots, and molten aluminum
