Alba AGM approves $80m dividend for 2016

22/03/2017 07:20 AST

The annual general meeting (AGM) of Aluminium Bahrain (Alba), the Bahrain-based international aluminium smelter, today approved the distribution of cash dividends amounting to BD29.6 million ($80 million) for the fiscal year 2016.

The AGM was held at the Al Dana Hall, Alba. The dividend is equivalent to 21 per cent of the nominal value of the company’s shares (excluding treasury shares) - which is 21 fils per share and will be payable from April 2 to Alba's shareholders of record as of March 21, a statement said. ?

Approval was also given to the directors’ remuneration for the fiscal year 2016 as well as the transfer of BD48.4 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 Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Mohamed Kameshki and Suha Karzoon by Bahrain Mumtalakat Holding Co; and the appointment of Ali Moeid A. Al Shamrani, Ahmed Mohammad A Al Jabr by Sabic Industrial Investments Co (SIIC) together with Uwaidh Khalaf H Al Harethi from Sabic Industrial Investments Co (SIIC) as the new elected directors and the election of Mutlaq Hamad Al Morished as an independent board director representing the 10 per cent public listed shares.

Shaikh Daij 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 of BD29.6 million ($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 three years.”

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