MANAMA: Shareholders of Alba, the world’s largest aluminium smelter ex-China, have approved the distribution of cash dividend of one fils per share (one per cent of the paid-up capital) equivalent to BD1.412 million ($3.756m) for the year ended December 2019.

The dividends will be distributed from March 25 to Alba shareholders of record as of March 11.

Approvals were also given to the recommendation of the board of directors’ total remuneration of BD210,000 for 2019 and subject to the approval of the Industry, Commerce and Tourism Ministry.

Sico was approved to provide market-making services by utilising at any given time a maximum of 3pc of Alba’s issued share capital and subject to the approval of the Central Bank of Bahrain.

During the AGM, the shareholders approved the appointment of six directors representing Mumtalakat, whose names will be announced later.

Also appointed were Ahmed Al Duriaan, Eyad Al Qaraawi and Omar Al Amoudi as representatives of Sabic Industrial Investments Company (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 Mutlaq Al Morished as an independent board director representing the 10pc public listed shares.

Commenting, chairman Shaikh Daij bin Salman Al Khalifa said: “Alba has made many headlines in 2019: With His Majesty King Hamad 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.”

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 Industry, Commerce and Tourism Ministry.

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