Aluminum Bahrain B.S.C. (Alba), one of the largest aluminum smelters in the world, held its Ordinary Annual General Assembly and Extraordinary General Assembly meetings yesterday, Thursday, March 7, 2024, in Al Dana Hall at the company’s headquarters, led by Chairman of the Board of Directors, Khalid Al Rumaihi, and in the presence of members of executive management, shareholders, and representatives of regulatory authorities.
The Ordinary General Assembly meeting witnessed the approval of the appointment of Khaled Al Rumaihi as Chairman of Alba’s Board of Directors. The minutes of the Ordinary General Assembly meeting held on February 26, 2023 were also reviewed and approved. Moreover, the Board of Directors’ report on the company’s business/activities for the financial year ending on December 31, 2023 was discussed and approved.
The meeting also witnessed the approval of the distribution of cash dividends of 29.18 fils per share, or 29.18% of the paid-up capital (including the interim dividend of 13.28 fils per share, which was distributed to shareholders on August 31, 2023), totaling 41,314,159 Bahraini dinars for the year. Ending December 31, 2023, in addition to transferring an amount of 76,710,841 Bahraini dinars to retained earnings.
During the meeting, the company’s governance report for the year 2023 was discussed, and the reappointment of Ernst & Young as external auditors of the company’s accounts for the fiscal year 2024 was approved. In addition, shareholders approved the reappointment of SICO B.S.C. To provide market making services to Alba by benefiting at any time from a maximum of 3% of Alba’s issued capital for a period of three years, after the approval of the Central Bank of Bahrain.
On this occasion, Alba’s Chairman of the Board of Directors, Khalid Al Rumaihi, commented: “I would like to extend my sincere gratitude to the members of the Board of Directors and members of the company’s executive management, as their continuous support and sincere efforts throughout the past year played a major role in achieving strong performance despite the challenging circumstances that witnessed by the aluminum market. This success is a true reflection of the efficiency, commitment and spirit of cooperation that prevails in Alba at all levels. As we look to the future, I am confident in our ability to continue to create long-term value for our shareholders and strengthen our position as an industry leader, through our clear vision, strong strategy, and the unlimited dedication of our team.”
The extraordinary general assembly meeting witnessed reviewing and approving the minutes of the extraordinary general assembly meeting held on February 26, 2023, as well as approving the amendment and redrafting of the company’s articles of incorporation and articles of association in accordance with Legislative Resolutions No. (3) of 2022, No. (20) and (63) and (64) for the year 2021, and No. (28) for the year 2020, subject to the approval of the regulatory authorities.
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