"The official announcement of converting Alba into a
joint stock company has embarked the company into the new direction aimed at
strengthening the economic growth in the Kingdom of Bahrain," the company
said in a statement.
The Minister of Industry and Commerce Hassan Fakhro
presented a certificate announcing Alba’s new status as a public joint stock
company to Alba’s Chairman Mahmood Hashim Al-Kooheji and Alba’s Chief Executive
Laurent Schmitt. The company’s new official title will now be Aluminium
Bahrain.
The overall volume that was affected was less than seven
percent, and Alba expects to reduce the iron content back to meet the strictest
customers’ specifications by the end of December 2010.
Fakhro praised Alba’s role as a national champion for
industrial growth and infrastructural development as well as in playing a
pivotal role in boosting the expansion of Bahrain’s aluminum sector based on
strategies outlined by the government.
Fakhro stressed the importance of increased cooperation
between the Ministry of Industry and Commerce and Alba in identifying
investment opportunities in Bahrain, and supporting the facilities being
developed by the government in enhancing the investment climate for investors.
“We truly appreciate the sincere efforts of the Ministry of
Industry and Commerce in playing a key role in expanding the economy,
supporting the growth of industries in Bahrain, encouraging investment
opportunities, and remaining a powerful influence for members of the private
sector," said Al-Kooheji, Alba’s chairman, while commenting on the meeting
with the minister.
“Our meeting the minister to mark Alba’s conversion into a
public joint stock company celebrates the success of the political leadership’s
forward-thinking economic policies and also underlines the company’s commitment
to support the ministry in meeting its national goals and to remain a pillar of
the economy," he added.
Alba’s decision to convert into a public joint stock company
was the result of reviewing different strategic options to best position the
company on the path for continuing and future success. Alba’s IPO, which was
launched recently, met with a positive response from both retail and
institutional investors and the company will be listed in Bahrain and London
Stock Exchange.
