Aluminium Bahrain approves US$80m cash dividend at AGM

Manama : Aluminium Bahrain (Alba) held its Annual General Meeting (AGM) yesterday at Al Dana Hall, Askar, during which approval was given to the distribution of cash dividends for the fiscal year 2016.

The total dividend amounted to BD29.6 million (US$80m) 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 2 April 2017 to Alba’s shareholders of record as of 21 March  2016. 

Approval was also given to the directors’ remuneration for 2016 as well as the transfer of BD48.4m to Retained Earnings. 

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 meeting also approved the re-appointment of  Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Dr. Mohamed Kameshki and Suha Karzoon by Bahrain Mumtalakat Holding. 

Endorsements were also given to 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 directors. Mutlaq Hamad Al Morished has been elected as an independent board Director representing 10pc public listed shares.

At the AGM, Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa 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 BD29.6m (US$80m) for 2016.” 

Ernst & Young was approved to continue as the Company’s external auditors for the fiscal year in 2017.