Aluminium Bahrain AGM approves dividend

TDT | Manama

Aluminium Bahrain’s (Alba) Annual General Meeting (AGM) /Extraordinary General Meeting (EGM) yesterday approved the distribution of cash dividend of 1 fils per share [1 per cent of the paid-up capital] equivalent to BD1.412 million (US$3.756m) for the year ended 31 December 2019. The dividends will be distributed from 25 March 2020 to Alba’s Shareholders of record as of 11 March 2020.

Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD210,000 for the year ended 31 December 2019 during the meeting held at Al Dana Hall, Alba, Askar, Bahrain.

SICO was approved to provide Market-Making services by utilising at any given time a maximum of 3% of Alba’s issued share capital and subject to the approval of the Central Bank of Bahrain. Besides, the 2019 Corporate Governance Report was tabled before the shareholders and KPMG was re-appointed as the Company’s External Auditors for 2020.

Shareholders approved the appointment of six directors by Bahrain Mumtalakat Holding [names to be provided once received), Ahmed Al-Duriaan and Eyad bin AbdulRahman Al Qaraawi by Sabic Industrial Investments Co. (SIIC) with Omar bin Abdulla Al Amoudi representing Sabic Industrial Investments Co.(SIIC) and the election of Mutlaq Hamad Al Morished as an independent board Director representing the 10pc public listed shares.

Commenting, Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “For 2020, we aim higher and will continue to go above and beyond to achieve more than our set targets.” During the EGM, the shareholders also approved the addition of new service activity in connection to sale/trade of pharmaceutical and medical goods – Pharmacy (non-importing).

Also, the amendment and restatement of the Memorandum and Articles of Association following the amendment to Article 5 were approved by the shareholders.