Alba holds its AGM/EGM for 2020

March 8, 2020

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Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, held its Annual General Meeting (AGM) /Extraordinary General Meeting (EGM) on Sunday 08 March 2020 at Al Dana Hall, Alba, Askar, Kingdom of Bahrain.
 
During the AGM, approval was given to the distribution of cash dividend of 1 fils per share [1% of the paid-up capital] equivalent to BD1.412 million (US$3.756 million) for the year ended 31 December 2019. The dividends will be distributed from Wednesday 25 March 2020 to Alba's Shareholders of record as of 11 March 2020.
 
Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD210,000 for the year ended 31 December 2019 and subject to the approval of the Ministry of Industry, Commerce and Tourism.
 
The minutes of the previous Ordinary General Meeting, which was held on 07 March 2019, were discussed and approved. The Report of the Board of Directors for the year ended 31 December 2019 was approved while the External Auditors’ Report for the Financial Statements for the year ended 31 December 2019 was reviewed during this meeting. SICO B.S.C. © was approved to provide Market-Making services by utilising at any given time a maximum of 3% of Alba’s issued share capital and subject to the approval of the Central Bank of Bahrain. In addition, the 2019 Corporate Governance Report was tabled before the shareholders and KPMG was re-appointed as the Company’s External Auditors for 2020.
 
During the AGM, the shareholders approved the appointment of six Directors by Bahrain Mumtalakat Holding Co. B.S.C. © [names to be provided once received]; Mr. Ahmed Al-Duriaan and Mr. Eyad bin AbdulRahman Al Qaraawi by Sabic Industrial Investments Co. (SIIC) with Mr. Omar bin Abdulla Al Amoudi representing Sabic Industrial Investments Co. (SIIC) as per the principles of the 2018 Corporate Governance Code and in line with Alba’s Article of Association # 26; and the election of Mr. Mutlaq Hamad Al Morished as an independent board Director representing the 10% public listed shares.
 
Commenting on this occasion, Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“Alba has made many headlines in 2019:
With His Majesty King Hamad Bin Isa Al Khalifa the King of the Kingdom of Bahrain patronising and inaugurating the Line 6 Expansion Project, Alba became the world’s largest aluminium smelter ex-China.Achieving a breakthrough record in Safety, Production and Sales’ volume is a first in Alba’s soon to be Golden Jubilee operations.
We are also thankful for all accolades received in the past year. For 2020, we aim higher and will continue to go above and beyond to achieve more than our set targets.”
 
During the EGM, the minutes of the previous Extraordinary General meeting, which was held on 07 March 2019, were approved. The shareholders have also approved the addition of new service activity in connection to: sale/trade of pharmaceutical and medical goods – Pharmacy (non-importing) and subject to the approval of the Ministry of Industry, commerce and Tourism. 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.

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