Alba's AGM announces approval for cash dividends
- Bahrain: Saturday, March 09 - 2013 at 11:57
- PRESS RELEASE
Aluminium Bahrain B.S.C. (Alba)'s Annual General Meeting 'AGM' was held on Thursday, March 7, 2013 at the Gulf International Convention Centre, Gulf Hotel, during which approval was given to the distribution of cash dividends related to the fiscal year 2012.
The dividend will be payable from March 20, 2013 to Alba's shareholders of record as of March 7, 2013.
The 2012 Corporate Governance Report was tabled before the shareholders.
Approval was given to the minutes of the Previous Ordinary General Meeting held on March 8, 2012. The Report of the Board of Directors for the year 2012 was discussed and approved while the Auditors Report for the year ended December 31, 2012 was reviewed during the meeting.
Audited financial statements for the fiscal year 2012 were approved at the AGM where Net Profit reached $257m. Approval was also given to the transfer of BD56.6m to retained earnings as well as to the Directors' remuneration amounting to BD 190,000 for 2012. The Board was also authorised to specify their remuneration for 2013. 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 2012 financial statements.
Commenting on the declaration of cash dividends at the AGM, the Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said, "2012 proved to be another successful year - Alba was marked by a break-through record in production of 890, 217 metric tonnes on the back of continued focus on the efficiency of our operations."
"The company was able to demonstrate a resilient financial performance in light of the LME prices fluctuations where its Net Profit amounted to $257m. Our shareholders are the prime beneficiaries of Alba's achievements in 2012 and the dividends remain a tangible indicator of the company's success story. As we move forward in 2013, I am confident that the company will continue to perform through the leadership of the management team and its skilful workforce," he added.
At the end of the AGM, Ernst & Young was approved to continue as the company's external auditors for the fiscal year in 2013.
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