Alba AGM approves $41m dividend to shareholders

Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, held its 14th Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Thursday (March 7) at Al Dana Hall in Alba.
The AGM gave approval to the distribution of cash dividends to shareholders at fils 29.18 per share or 29.18% of the paid-up capital (inclusive of the interim dividend of fils 13.28 per share which was already distributed to shareholders on 31 August 2023), which is BD41.314 million for the year ended 31 December 2023, and the transfer of BD76.71 million to the retained earnings.
The meeting was led Board Chairman Khalid Al Rumaihi with attendance from the board members, company’s executive management, Alba shareholders, and representatives from regulatory bodies.
During the AGM meeting, the shareholders approved the appointment of Khalid Al Rumaihi as the Chairman of Alba’s Board of Directors. Moreover, minutes of the previous AGM held on February 26, 2023 were reviewed and approved. The meeting also discussed and approved the report of the board of directors for the company’s business/activities along with the financial statements for the year ended December 31, 2023.
The discussion also covered the Corporate Governance Report for 2023, and the meeting approved the re-appointment of Ernst & Young as the company’s external auditors for the fiscal year 2024. In addition, the shareholders approved the re-appointment of SICO to provide market-making services to Alba by utilising, at any given time, a maximum of 3% of Alba’s issued share capital over a three-year period and subject to the approval of Central Bank of Bahrain.
Al Rumaihi, said: “I want to start by expressing my deepest gratitude to the Board of Directors and our Executive team. Their exceptional leadership and unwavering dedication throughout the past year have been instrumental in delivering strong performance despite a challenging market environment. This success is a true reflection of the talent, commitment, and collaborative spirit that permeates every level of Alba.
“As we look forward, I am confident that our well-defined vision, robust strategy, and the unwavering dedication of our team will continue to drive long-term value for our shareholders and cement our position as an industry leader.”
During the Extraordinary General Meeting, the minutes of the previous meeting held on February 26, 2023 were reviewed and approved. Approvals were also given to the amendment and restatement of the company’s memorandum and articles of association in accordance with legislative decrees no. (3) of the year 2022, no. (20), (63), and (64) of the year 2021, and no. (28) of the year 2020, subject to the approval of regulatory authorities.
Trade Arabia

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