Alba holds its AGM/EGM 2023
Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Sunday 26 February 2023 at Al Dana Hall, Alba, Askar, Kingdom of Bahrain. The meeting was chaired by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa in the presence of Alba’s Board of Directors and several members of the Executive Management, Alba shareholders and representatives from regulatory authorities.
During the meeting, minutes of the previous Ordinary General Meeting, which was held on 10 March 2022, were discussed and approved along with Alba’s Financial Statements for the year-ended 31 December 2022.
Approvals were given to the distribution of cash dividends to shareholders at Fils 117.58 per share or 117.58% of the paid-up capital (inclusive of the interim dividends of Fils 31.88 per share which was already distributed to the shareholders by 01 September 2022) which is BD166,428,697 for the year ended 31 December 2022. The final dividend of Fils 85.7 per share will be paid to the shareholders - at the record date of 06 March 2023 - from Monday 20 March 2023.
Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD412,000 for the year ended 31 December 2022 (subject to the approval of the Ministry of Industry and Commerce), and the transfer of BD249,745,000 to the Retained Earnings.
The Report of the Board of Directors for the year-ended 31 December 2022 was approved while the External Auditors’ Report for the Financial Statements for the year-ended 31 December 2022 was reviewed during this meeting. In addition, the 2022 Corporate Governance Report was tabled before the shareholders and Ernst & Young was appointed as the Company’s External Auditors for 2023.
During the AGM, the shareholders approved the appointment of six Directors by Bahrain Mumtalakat Holding Co. B.S.C. ©: Shaikh Daij bin Salman bin Daij Al Khalifa, Shaikh Isa bin Khalid Al Khalifa, Mr. Tim Murray, Ms. Roselyne Renel, Mr. Omar Syed, and Mr. Bruce Cox; the appointment of two directors by Sabic Industrial Investments Co. (SIIC: Mr. Ahmed Al-Duriaan and Mr. Alwaleed AlSenani. In addition, the shareholders appointed an expert Director Mr. Omar bin Abdulla Al Amoudi in line with Alba’s Article of Association # 26; and elected Mrs. Mrs. Hala Abdul Hameed Mufeez as an independent board Director representing the 10% public listed shares for the next term of three years (2023-2026).
Commenting on this occasion, Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“I take the opportunity to thank the former Board members for their valuable contributions in the last term as we have seen Alba make headlines on multiple fronts - Safety, Productivity, Financial Performance and ESG.
I also take this opportunity to welcome the new Board members and look forward to work alongside them and the Executive Management to capitalise on Alba’s achievements and progress with our proposed Line 7 while we advance with Power Station 5 Block 4’s construction and Solar Farm Project.
During the EGM, the minutes of the previous Extraordinary General meeting, which was held on 08 March 2020, were approved. The shareholders have also approved Alba Management’s recommendation to transfer the registration of Alba Club WLL, currently registered under Commercial Registration No. 99789-1, as a branch of Aluminium Bahrain B.S.C. (Alba) under Commercial Registration No. 999-1. In addition, the amendment and restatement of the Memorandum and Articles of Association in accordance with the amendment to Article 5 was approved by the shareholders.