Alba AGM approves $169.66m dividend for 2024
MANAMA, 14 hours, 28 minutes ago
Aluminium Bahrain (Alba), the world’s largest smelter on one site, held its 15th Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Wednesday (March 12) at Al Manama Ballroom at the Four Seasons Hotel, Bahrain Bay.
The meeting was led by the Chairman of the Board Khalid Al Rumaihi with attendance from the Board members, company’s Executive Management, Alba shareholders, and representatives from regulatory bodies.
During the AGM meeting, approvals were given to the distribution of cash dividends to shareholders at Fils 45.17 per share or 45.17 % of the paid-up capital (inclusive of the interim dividend of Fils 18.59 per share which was already distributed to shareholders on 11 September 2024), which is BD63,948,538 ($169,665,228) for the year ended December 31, 2024, and the transfer of BD120,593,462 to the Retained Earnings.
The shareholders also approved the appointment of Rasha Sabkar as an expert board member; in addition to ratifying the appointment of Khaled Rowais and Ahmed Al Shaikh as board members.
Moreover, minutes of the previous Annual General Meeting held on March 7, 2024 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, 2024.
The discussion also covered the Corporate Governance Report for 2024, and the meeting approved the re-appointment of Ernst & Young as the company's external auditors for the fiscal year 2025.
On this occasion, Chairman Al Rumaihi, said: “Despite market headwinds, 2024 saw Alba achieve record-breaking performance highlighted by a remarkable profit increase and industry-leading safety performance. This success is a direct result of the collective leadership of our Board and the exceptional dedication of our Executive team. Together, we have navigated complexity and delivered outstanding results.
“I’m also confident that our clear vision, robust strategy, and dedication of our nationals, will continue to deliver exceptional long-term value and cement our industry leadership.”
During the Extraordinary General Meeting, the minutes of the previous meeting held on March 7, 2024 were reviewed and approved. Approvals were also given to the amendment and restatement of the Memorandum and Articles of Association (Article no. 7) by removing Sabic Industrial Investments Company and adding Saudi Arabia Mining Company (Ma’aden) subject to the approval of regulatory authorities, the statement said. – TradeArabia News Service
