Mar 08 2012
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Alba's Annual General Meeting announces approval for cash dividends
Alba 's Annual General Meeting was held on Thursday, March 8, 2012 at the Gulf International Convention Centre, Gulf Hotel.
Approval was given to the distribution of cash dividends amounting to BD 94,712,000 (US$ 252,000,000) equivalent to 67% of the nominal value of the company's shares.
The dividends will be payable from March 15, 2012 to Alba 's shareholders of record as of March 8, 2012.
Aluminium Bahrain B.S.C. ( Alba )'s Annual General Meeting "AGM" was held on Thursday, March 8, 2012 at the Gulf International Convention Centre, Gulf Hotel, during which approval was given to the distribution of cash dividends related to the fiscal year 2011.
The dividends amounting to BD 94,712,000 (US$ 252,000,000) are equivalent to 67% of the nominal value of the company's shares - 67 fils per share of which 27 fils was already distributed to the shareholders in August 2011.
The dividend will be payable from March 15, 2012 to Alba 's shareholders of record as of March 8, 2012.
Approval was given to the minutes of the Previous Ordinary General Meeting held on March 30, 2011. The Report of the Board of Directors for the year 2011 was discussed and approved while the Auditors Report for the year ended December 31, 2011 was reviewed during the meeting.
Approval was also given to the transfer of BD 114,819,000 to retained earnings and BD 2,371,000 to statutory reserves as well as to the Directors' remuneration amounting to BD 200,000 for 2011. The Board was also authorised to specify their remuneration for 2012. It was also agreed to absolve the Directors from any liability in connection with transactions relating to the business and activities of the Company recorded in the 2011 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:
"2011 is a break-through year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company's 40-year history.
As a result, the company's shareholders have been the prime beneficiaries of Alba 's accomplishments in 2011 amid a challenging year.
Embarking on 2012, I am confident that Alba is well placed to sustain the path of Continuous Improvement & Operational Efficiency through the leadership of the management team and its skilful workforce."
At the AGM, it was also decided to re-appoint both the Bahrain Bourse - the company's official share registrar - as well as the company's External Auditors.
Alba has been consistently ranked as one of the largest aluminium smelters in the world, and is known for its technological strength, global competitiveness and innovative policies. Alba produces more than 860,000 metric tonnes per annum of aluminium which meet or exceed the industry standard for purity, with products including standard and T-ingots, extrusion billets, rolling slab, propertzi ingots, and molten aluminium. It has also maintained a strong track record of operational safety and environmental compliance.
For further details, please contact Investor & Public Relations Manager, Eline Hilal:
Tel: (973) 17 835100 (direct)
Fax:(973) 17 833822
© Press Release 2012
© Copyright Zawya. All Rights Reserved.
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