Alba holds AGM for 2015; approves cash dividends

Aluminium Bahrain B.S.C. (Alba), one of the world’s leading aluminium producers, held its Annual General Meeting (AGM) on March 16, 2016 at Al Dana Hall, Aluminium Bahrain, Askar, during which approval was given to the distribution of cash dividends related to the fiscal year 2015.

The total dividend for the fiscal year 2015 amounted BD 15.5 million (US$ 41.3 million), equivalent to 11 per cent of the nominal value of the company’s shares - which is 11 fils per share, of which 5.5 fils (interim dividend) has already been distributed to the shareholders in September 2015.

The final dividend for 2015, equivalent to BD 7.8 million (US$ 20.6 million), will be payable from April 3, 2016 to Alba's shareholders of record as of March 16, 2016.

In addition, audited financial statements for the fiscal year 2015 were approved at the AGM. Approval was also given to the transfer of BD 44.4 million (US$ 118.1 million) to retained earnings as well as to the Directors’ remuneration for the fiscal year 2015. In addition, the Board was authorised to specify their remuneration for 2016.

It was also agreed to absolve the Directors from any liability in connection with transactions related to the business and activities of the Company recorded in the 2015 financial statements.

Approval was given to the minutes of the Previous Ordinary General Meeting, which was held on March 1, 2015. The Report of the Board of Directors for the fiscal year 2015 was discussed, and thereafter approved while the Auditors Report for the year ended December 31, 2015 was reviewed during this meeting.

Commenting on this AGM, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said, “2015 was a challenging year for the aluminium industry due to the low LME prices and difficult market conditions; Alba, however, was able to generate profit and distribute cash dividends to its shareholders.

As we move ahead in 2016, Alba remains on track with Line 6 Expansion Project.”