Alba holds its AGM/EGM for 2019

March 7, 2019

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Aluminium Bahrain B.S.C. (Alba), in progress to become the largest smelter in the world, held its Annual General Meeting (AGM)/Extraordinary General Meeting (EGM) on Thursday March 07, 2019 at Al Dana Hall, Alba, Askar, Kingdom of Bahrain.
 
During the AGM, approval was given to the transfer of BD 59,992 Thousand to Retained Earnings. Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD 210,000 for the year ended 31 December 2018 and subject to the approval of the Ministry of Industry, Commerce and Tourism.
 
Agenda item 6.b of the AGM -- Approve the Board of Directors’ total bonus of BD 210,000 in recognition of their efforts towards the successful and safe commissioning of the Line 6 Expansion Project and subject to the approval of the Ministry of Industry, Commerce and Tourism -- was postponed until further approvals are received from the concerned authorities.
 
The minutes of the previous Ordinary General Meeting, which was held on 07 March 2018, were discussed and approved. The Report of the Board of Directors for the fiscal year of 2018 was approved while the External Auditors’ Report for the Financial Statements for the year ended 31 December 2018 was reviewed during this meeting. In addition, the 2018 Corporate Governance Report was tabled before the shareholders while KPMG was appointed as the Company’s new External Auditors for 2019.
 
Commenting on this occasion, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
 
“2018 was historic for Alba -- we made history by exceeding the 1-million metric tonnes production mark, we have successfully achieved First Hot Metal from Line 6 Expansion Project ahead of schedule on 13 December 2018 and most importantly, we have had the best Safety performance in Alba’s history.
 
We are also pleased that we have achieved savings of c.US$ 200 million in Line 6 Expansion Project and we look forward to save some more as we accelerate the successful commissioning of Line 6.”
 
During the Extraordinary General Meeting, the minutes of the previous Extraordinary General meeting, which was held on 10 June 2015, were approved; the amendment and restatement of the Memorandum and Articles of Association were approved - in accordance with the amendments to some of the items in the Companies’ Commercial Law No. 21 for the year 2001, as per the law No. (50) for the year 2014 and law No. (1) for the year 2018.
 
Furthermore, Alba’s shareholders approved the addition of new service activities in connection to water transportation, management and operation of ports and private jetties, activities relating to non-specialized medical clinics as well as services relating to manufacturing of other chemical products - factory and manufacturing of non-metallic mineral products - factory and subject to the approval of the Ministry of Industry, Commerce and Tourism.​​

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