International Diplomat Magazine

Alba approves US$80M cash dividend at AGM

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Alba approves US$80M cash dividend at AGM
Alba approves US$80M cash dividend at AGM

(Manama) – Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, held its Annual General Meeting (AGM) at Al Dana Hall, Alba, Askar, Kingdom of Bahrain, during which approval was given to the distribution of cash dividends related to the fiscal year of 2016.

The total dividend for the fiscal year 2016 amounted to BD 29.6 million (US$ 80 million) equivalent to 21% of the nominal value of the Company’s shares (excluding treasury shares) – which is 21 fils per share and will be payable from 2 April 2017 to Alba’s shareholders of record as of 21 March 2016. ‎

Approval was also given to the Directors’ remuneration for the fiscal year 2016 as well as the transfer of BD 48.4 million to Retained Earnings. It was also agreed to absolve the Directors from any liability in connection to the transactions related to the business and activities of the Company recorded in the 2016 financial statements.

During the AGM, the shareholders approved the re-appointment of Shaikh Daij Bin Salman Bin Daij Al Khalifa as the Chairman of the Board of Directors; the re-appointment of Mr. Yousif Abdulla Taqi, Mr. Osama Mohammed Al Arrayedh, Dr. Mohamed Kameshki and Mrs. Suha Karzoon by Bahrain Mumtalakat Holding Co. B.S.C ; and the appointment of Mr. Ali Moeid A. Al Shamrani, Ahmed Mohammad A. Al Jabr by Sabic Industrial Investments Co (SIIC) together with Mr. Uwaidh Khalaf H. Al Harethi from Sabic Industrial Investments Co. (SIIC) as the new elected Directors and the election of Mr. Mutlaq Hamad Al Morished as an independent board Director representing the 10% public listed shares.

In addition, the 2016 Corporate Governance Report was tabled before the shareholders. Approval was given to the minutes of the Previous Ordinary General Meeting, which was held on 16 March 2016. The Report of the Board of Directors for the fiscal year 2016 was discussed, then approved while the Auditors Report for the year ended 31 December 2016 was reviewed during this meeting.

At the AGM, Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“In 2016, Alba outperformed the industry amidst tough LME market conditions which resulted in significant cash generation. The strong year end cash position enabled Alba to pay a dividend BD 29.6 million (US$ 80 million) for 2016.
On this occasion, I would also like to welcome aboard the newly appointed Directors and thank Alba’s former Directors for their strategic guidance and support in the last 3 years”.

At the end of the AGM, Ernst & Young was approved to continue as the Company’s external auditors for the fiscal year in 2017.

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