Mazad signs e-auction deal for selling two of Alba’s power stations

Mazad, a company responsible for managing the public and electronic auctions in the Kingdom of Bahrain, has signed a cooperative agreement with Aluminium Bahrain (Alba), a major global aluminium smelting company. This agreement aims to initiate a project that involves dismantling and selling two of Alba's power stations using Mazad's digital platform. The auction of Alba's power stations will create a competitive environment for investors, and the company's goal is to reach as many buyers as possible.

The agreement calls for the power stations to be decommissioned, as well as the removal of structures and equipment, such as turbines, generators, spare parts, and other fixtures, for the items to be auctioned off through Mazad's digital auction platform, allowing clients to purchase assets in a streamlined and transparent manner.

"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 Mazad's CEO, Talal Al Araifi.

Mazad, a portfolio firm of Bahrain's sovereign wealth fund Mumtalakat, said it aligns with Mumtalakat's attempts to foster cooperative prospects among its entities. This collaboration unites two enterprises from the Mumtalakat portfolio, the sovereign wealth fund of the Kingdom of Bahrain.

Alba CEO Ali Al Baqali said, "We are pleased to be partnering with Mazad to sell the assets of power stations 1 and 2, while maintaining the best practices in line with Alba’s governance principles. Through this partnership, we strive to receive the best value for our assets which date back to the Company's inception. This cooperation also comes as part of our efforts to promote a circular economy in line with our Environmental, Social and Governance Roadmap as well as contribute to reducing waste through the repurposing of assets.