The Arab Ship Building and Repair Yard (ASRY) held its 155th Board Meeting on Monday 11th March 2019 at ASRY’s Headquarters In Hidd, Kingdom of Bahrain in the presence of the new Board of Directors for the new 12th Board of directors term which started January 7th, 2019, as well as members of the Executive Management Team and the Secretary of the Board of Directors.
At the beginning of the meeting, HE Sheikh Daij bin Salman bin Duaij Al Khalifa, Chairman of the Board of Directors for the previous 11th term, welcomed the attendees, new Board of Directors and the Executive Management members and wished the success for the meeting.
After the meeting HE Shaikh Duaij Bin Salman Bin Duaij Al Khalifa made the following statement: “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 , especially as it is one of the oldest Arab companies in the field of ship repair and shipbuilding with long years of experience operating under The Arab Petroleum Exporting Countries (OAPEC) Umbrella as it was established in 1973, and started operating in 1977 about 42 years ago.
HE Shaikh Duaij stated that the Board of Directors discussed with a great attention the issue of Bahrainization in the company in accordance to the Bahraini Cabinet resolution issued during its meeting held on February 25th, 2019 headed by His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister and the directives from the Coordination Committee chaired by His Royal Highness Prince Salman Bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister regarding the Bahrnization of jobs in the public sector and government owned companies in upper management, intermediate and technical positions where possible. The meeting also reviewed the progress of the company’s business and financial activities in accordance with the implementation of the company's current strategic plan.
H.E stated that the Board of Directors have also made the following important decisions:
First: The election of Mr. Fadel Sayed Abbas, the Board member from the State of Kuwait, as the First Deputy Chairman, and the election of Mr. Abdullah Ahmed Abdullah, a Board member from United Arab Emirates as the Second Deputy Chairman also the Sub Board committees were formed.
Second: The Board of Directors has tasked the Executive Management to present a clear plan of action and an executive program to work on the Bahrnization of jobs in the company in line with the directives of the Cabinet in this regard. The plan and its executive program are to be presented at the next meeting of the Board of Directors for discussion, approval and implementation as soon as possible.
Third: The Board of Directors approved the new ownership equity of the company within the framework of the new strategic plan for restructuring the Company and the Company's capital making the necessary recommendations to the Extraordinary General Assembly in its next meeting to amend the Memorandum of Association considering the adjustments made on company’s capital and the shareholders' equity Where all the necessary legal procedures required by Bahraini authorities will be taken into consideration to adopt this plan according to the relevant laws and regulations in the Kingdom after the adoption and approval at the next Extraordinary General Assembly Meeting.
