Alba Virtual AGM Approves Cash Dividend and Reappoints KPMG as External Auditor | THE DAILY TRIBUNE

TDT | manama

The Daily Tribune –

Aluminum Bahrain yesterday held its annual general meeting virtually and approved the distribution of cash dividends to shareholders at Fils 79.71 per share.

The cash dividend (including the interim dividends of Fils 26.57 per share distributed on November 23, 2021) corresponds to BD 112,812,936 for the year ended December 31, 2021.

The AGM also approved the transfer of BD 340,176,000 to retained earnings.

Approvals were also given to the total board compensation of BD 420,000 for the year ended December 31, 2021.

“As we witness Bahrain’s steady recovery from the challenges of the COVID-19 pandemic, I warmly thank the leadership and government of Bahrain for ensuring the safety of the people – citizens and residents alike,” said the chairman of the Aluminum Bahrain Board. directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, during the virtual AGM.

Further adding, Alba’s Chairman of the Board, Shaikh Daij, said, “2021 has truly been a golden year for Alba with our best performance recorded in 5 decades.

We have set a precedent in our operational and financial performance by exceeding expectations on the fronts of production, environment, social and governance (ESG) as well as net profit.

As we navigate towards 2022, we aim to capitalize on the current pulse of the market to generate more returns for our shareholders while reducing our leverage. »

At the Annual General Meeting, the report of the board of directors on the activities of Alba for the financial year ended 31 December 2021 was approved, while the report of the auditors on the financial statements for the financial year ended December 31, 2021 was also reviewed at this meeting.

The 2021 Corporate Governance Report has been filed with shareholders and KPMG has been reappointed as external auditor for 2022.

The shareholders approved the transactions carried out during the financial year ended December 31, 2021 with one of the related parties as described in note # 27 of the financial statements in accordance with article 189 of the law on commercial companies and absolved the Board of Directors of their actions/activities for the year ended December 31, 2021.

Shirlene J. Manley