Manama – Bahrain: Gulf Aluminium Rolling Mill (GARMCO), a Mumtalakat local portfolio company, announced the restructuring of its Board of Directors under the chairmanship of Mumtakalat and the eight members who were elected during the ordinary general assembly meeting for the new three-year term.
Accordingly, Mr. Arif Rahimi was elected Chairman of the new Board of Directors and Representative of Mumtalakat, along with the following members:
- Mr. Basim Al Saie – Vice President and Representative of the National Bank of Bahrain (Bahrain)
- Mr. Anand Narayanan – Representative of Ahli United Bank B.S.C (Bahrain)
- Mr. Ahmed Al Duriaan – Representative of Saudi Arabia’s Basic Industries Corporation – Sabic (KSA)
- Mr. Meshari Al Hajri – Representative of Kuwait Investment Authority (Kuwait)
- Mr. Munther Jbara – Representative of Arab Bank PLC
- Mr. Aamir Naqvi – Representative of Mashreq Bank (Bahrain)
- Ms. Sawsan Abualhasan – Independent Director
Mr. Arif Rahimi emphasized the shareholders’ commitment to supporting the company’s ongoing efforts in completing the implementation of the restructuring plan. He stated, “With the support of all shareholders, the Board of Directors will continue to support the company’s management team in executing the restructuring plan and to build on the achievements made during the recent period. These successes demonstrate the team’s dedication to fostering the company’s continuity and growth.
Over the past year, the company recorded its highest profitability since its inception, which contributed to the implementation of several expansion and development projects, amounting to $24.5 million. Additionally, the company fulfilled its commitment to the restructuring plan agreed upon with its creditors in November 2021 by making the initial payment of $23 million.
Gulf Aluminium Rolling Mill (GARMCO), with Mumtalakat as one of its major shareholders, was established in 1981 and is considered one of the prominent aluminium plants in the region, focusing on the production of high-quality aluminium rolled products in diverse sizes and alloys. GARMCO specializes in manufacturing sheets, flat sheets, and rolled sheets, which are exported to major markets around the world.