TDT | Manama The Daily Tribune – www.newsofbahrain.com Gulf Aluminium Rolling Mill (GARMCO), a portfolio company of Bahrain Mumtalakat Holding Company, has completed its US $ 24.5 million expansion and development projects, in line with a restructuring plan agreed with its
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Gulf Aluminium Rolling Mill (GARMCO), a portfolio company of Bahrain Mumtalakat Holding Company, has completed its US $ 24.5 million expansion and development projects, in line with a restructuring plan agreed with its creditors in November 2021, after filing for reorganisation in February 2019.
The projects included a US$ 7.5 million project for creating a production line for aluminium coils using the “continuous casting” technique to increase productivity, diversification, and expansion into new markets.
The plan also included development initiatives totalling US$17 million, including the construction of a factory to recycle local aluminium waste for extracting dyes from aluminium scrap for export to international markets and a water and industrial oils treatment project to reduce its environmental footprint.
GARMCO said it is continuing to implement a plan for reducing energy consumption, modernising the hot rolling mill engine, introducing a nitrogen unit, expanding the production lines and enhancing its main units to improve efficiency and productivity.
Arif Rahimi, Chairman of GARMCO and board representative of Mumtalakat, expressed pleasure in transforming the company’s operations, performance and the successful reorganisation plan.
Mohamed Rafea, Chief Executive Officer of GARMCO, said the reorganisation enhanced regional and global competitiveness and enabled the company to record the highest profitability since inception “as well as make our first repayment to creditors in the past year.”
