Mazad inks deal for Alba power stations’ sale in e-auction

Mazad inks deal for Alba power stations’ sale in e-auction

Mazad, a company mandated with overseeing the Kingdom of Bahrain’s public and electronic auctions, has signed a co-operation agreement with Aluminium Bahrain (Alba), one of the world's largest aluminium smelters, to launch a project to dismantle and sell two of Alba’s power stations through its digital platform. A local portfolio company of Bahrain's sovereign wealth fund Mumtalakat, Mazad said it is in line with Mumtalakat’s efforts to develop collaborative opportunities between its companies. This co-operation brings together two companies from the portfolio of Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain. The agreement stipulates the dismantlement of the power stations, in addition to the removal of structures and equipment, including turbines, generators, spare parts and other fixtures; in order to auction the items through Mazad’s digital auction platform enabling clients to purchase assets through a streamlined and transparent process. "We are fully committed to following the principle of transparency through reliable business operation practices, further supporting our resilient efforts to diversify and strengthen our asset portfolio and contribute to the advancement of the national economy," said its CEO Talal Al Araifi. The auction of Alba’s power stations will create a competitive environment for investors, and we strive to