Aluminium Bahrain (Alba), the world’s largest aluminium smelter ex-China, held its annual general meeting (AGM) on Thursday (March 11) – its first AGM meeting through virtual platforms.

 

The AGM approved the non-distribution of cash dividends to shareholders and transfer BD9,755,000 - the net profit for the year-ended December 31, 2020, to retained earnings, said a statement.

 

Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD210,000 for the year-ended December 31, 2020 and subject to the approval of the Ministry of Industry, Commerce and Tourism. 

 

The AGM apporved the minutes of the previous Annual General Meeting which was held on March 8, 2020. The Report of the Board of Directors for the year-ended December 31, 2020 was approved while the External Auditors’ Report for the Financial Statements for the year was reviewed.

 

Approval was given to SICO to provide Market-Making services by utilising at any given time a maximum of 3% of Alba’s issued share capital for a 3-year period and subject to the approval of the Central Bank of Bahrain. 

 

Commenting on this occasion, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “Covid-19 pandemic tested us in every way without exception and the challenges we went through in 2020 have unlocked Alba’s potential and true strength. We learnt a lot and we established many firsts – all thanks to the agility of our people.  

 

“As we progress in 2021, we set our objectives for Alba to be at the forefront of the Aluminium industry all the while drive long-term growth for our shareholders,” he said. – TradeArabia News Servcie