Alba virtual AGM approves cash dividend, reappoints KPMG as external auditors

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Aluminium Bahrain yesterday held its Annual General Meeting virtually and approved the distribution of cash dividends to the shareholders at Fils 79.71 per share.

The cash dividend (inclusive of interim dividends of Fils 26.57 per share distributed on 23 November 2021) corresponds to BD112,812,936 for the year-ended 31 December 2021.

The AGM also approved the transfer of BD340,176 Thousand to the Retained Earnings.

Approvals were also given to the Board of Directors’ total remuneration of BD420,000 for the year-ended 31 December 2021.

“As we witness Bahrain’s steady recovery from the challenges of COVID-19 Pandemic, I give my utmost thanks to the Leadership and the Government of Bahrain for ensuring the safety of the people -- citizens and residents,” said the Chairman of Aluminium Bahrain Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, during the virtual AGM.

Adding further, Alba’s Chairman of Board of Directors, Shaikh Daij, said: “2021 has truly been a Golden Year for Alba with our best-ever recorded performance in 5 decades.

We have set a precedent in our operational and financial performance by going above and beyond on the Production, Environment, Social and Governance (ESG) fronts as well as Net Profit.

As we sail into 2022, we aim to capitalise on the current market pulse to drive more returns to our shareholders all the while reducing our leverage.”

During the Annual General Meeting, the Report of the Board of Directors for Alba’s activities for the year-ended 31 December 2021 was approved while the External Auditors’ Report for the Financial Statements for the year ended 31 December 2021 was also reviewed during this meeting.

The 2021 Corporate Governance Report was tabled before the shareholders and KPMG was re-appointed as External Auditors for 2022.

Shareholders approved the transactions carried out during the financial year-ended 31 December 2021 with any of the related parties as described in note # 27 of the financial statements in line with Article 189 of the Commercial Companies’ Law as well as absolved the Board of Directors from their actions/ activities for the year ended 31 December 2021.