Alba approve cash dividends, names new directors at AGM

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Aluminium Bahrain (Alba) shareholders approved the distribution of cash dividends to shareholders at Fils 117.58 per share, which represents 117.58% of the paid-up capital of BD166,428,697 for the year ended 31 December 2022.

This figure includes the interim dividends of Fils 31.88 per share which was already distributed to the shareholders by 01 September 2022) The final dividend of Fils 85.7 per share will be paid to the shareholders - at the record date of 06 March 2023 - from Monday 20 March 2023.

The decisions came during Alba’s Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) chaired by Chairman, Shaikh Daij Bin Salman Bin Daij Al Khalifa on Sunday at Al Dana Hall, Alba, Askar.

The meetings also approved the Board of Directors’ total remuneration of BD412,000 for the year ended 31 December and the transfer of BD249,745,000 to the Retained Earnings.

Approvals were also given to the External Auditors’ Report for the Financial, 2022 Corporate Governance Report and appointment of Ernst & Young as the Company’s External Auditors for 2023.

During the AGM, shareholders approved the appointment of six Directors by Bahrain Mumtalakat Holding: Shaikh Daij bin Salman bin Daij Al Khalifa, Shaikh Isa bin Khalid Al Khalifa, Tim Murray, Roselyne Renel, Omar Syed, and Bruce Cox; the appointment of two directors by Sabic Industrial Investments Co. (SIIC: Ahmed Al-Duriaan and Alwaleed AlSenani.

In addition, the shareholders appointed an expert Director Omar bin Abdulla Al and elected Hala Abdul Hameed Mufeez as an independent board Director representing the 10% public listed shares for the next term of three years (2023-2026).

Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, thanked the former board members and welcome the new members, expressing his commitment to capitalise on Alba’s achievements and progress “with our proposed Line 7 while we advance with Power Station 5 Block 4’s construction and Solar Farm Project”.

The shareholders have also approved recommendation to transfer the registration of Alba Club, currently registered under Commercial Registration No. 99789-1, as a branch of Aluminium Bahrain under Commercial Registration No. 999-1.