The Arab Ship Building and Repair Yard (ASRY) board of directors yesterday said it approved a new ownership equity of the company within the framework of the new strategic plan for restructuring the Company and the Company’s capital. The recommendations will be tabled during an Extraordinary General Assembly in its next meeting to amend the Memorandum of Association considering the adjustments made on the company’s capital and the shareholders’ equity.
The meeting headed by Sheikh Daij bin Salman bin Duaij Al Khalifa, Chairman of the Board of Directors, also tasked the Executive Management to present a clear plan of action and an executive programme to work on the Bahrainisation of jobs in the company in line with the directives of the Cabinet. The plan and its executive programme are to be presented at the next meeting of the Board of Directors for discussion, approval and implementation as soon as possible.
Among other decisions, the board approved the election of Fadel Sayed Abbas, a board member from the State of Kuwait, as the First Deputy Chairman, and the election of Abdullah Ahmed Abdullah, a board member from the United Arab Emirates as the Second Deputy Chairman. The meeting also formed Sub Board committees. The board meeting at ASRY’s headquarters in Hidd was held in the presence of the new board of directors, as well as members of the Executive Management team and the secretary of the board of directors.
Following the meeting, Shaikh Duaij Bin Salman Bin Duaij Al Khalifa said: “The meeting was fruitful and constructive, during which the company’s matters were reviewed including ways of supporting the development and progress of the company in order to provide its services at the highest levels of quality, professionalism and efficiency to the local, regional and international clients.” The board meeting, Shaikh Duaij added, reviewed the progress of the company’s business and financial activities in accordance with the implementation of the company’s current strategic plan.