Manama: Foulath Holding, an industrial group specialising in iron and steel and the parent company of Bahrain Steel and SULB, announced a force majeure situation affecting certain Group operations as a result of the ongoing regional developments in the Middle East and the associated security and logistical challenges.
According to Bahrain News Agency, the company said in a statement that the rapidly evolving situation in the region, including airspace restrictions, disruption to certain maritime routes, and heightened security risks, has created circumstances beyond the Group's control and has impacted operations and supply chains across parts of the Group's activities.
It added that, as a precautionary measure and in the interest of the safety of employees, contractors and all relevant stakeholders, a decision has been taken to temporarily suspend certain operational activities until conditions allow for the safe resumption of operations.
Foulath Holding emphasised that this decision is precautionary and has been taken based on safety considerations and circumstances beyond the Group's control.
The company stated that it is closely monitoring developments and will continue to communicate with customers, suppliers, partners and all stakeholders, keeping them informed as more information becomes available.
Foulath Holding also expressed its appreciation for its relationships with all partners and stakeholders, valuing their understanding and cooperation during this period.