Aluminium Bahrain B.s.c. Gdr Regulatory News (ALBH)

Media Release - 21 March 2017

Alba approves US$80M cash dividend at AGM

Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, held its Annual General Meeting (AGM) on Tuesday, 21 March 2017, at Al Dana Hall, Alba, Askar, Kingdom of Bahrain, during which approval was given to the distribution of cash dividends related to the fiscal year of 2016.

The total dividend for the fiscal year 2016 amounted to BD 29.6 million (US$ 80 million) equivalent to 21% of the nominal value of the Company's shares (excluding treasury shares) - which is 21 fils per share and will be payable from 2 April 2017 to Alba's shareholders of record as of 21 March 2016. ‎

Approval was also given to the Directors' remuneration for the fiscal year 2016 as well as the transfer of BD 48.4 million to Retained Earnings. It was also agreed to absolve the Directors from any liability in connection to the transactions related to the business and activities of the Company recorded in the 2016 financial statements.

During the AGM, the shareholders approved the re-appointment of Shaikh Daij Bin Salman Bin Daij Al Khalifa as the Chairman of the Board of Directors; the re-appointment of Mr. Yousif Abdulla Taqi, Mr. Osama Mohammed Al Arrayedh, Dr. Mohamed Kameshki and Mrs. Suha Karzoon by Bahrain Mumtalakat Holding Co. B.S.C ©; and the appointment of Mr. Ali Moeid A. Al Shamrani, Ahmed Mohammad A. Al Jabr by Sabic Industrial Investments Co (SIIC) together with Mr. Uwaidh Khalaf H. Al Harethi from Sabic Industrial Investments Co. (SIIC) as the new elected Directors and the election of Mr. Mutlaq Hamad Al Morished as an independent board Director representing the 10% public listed shares.

In addition, the 2016 Corporate Governance Report was tabled before the shareholders. Approval was given to the minutes of the Previous Ordinary General Meeting, which was held on 16 March 2016. The Report of the Board of Directors for the fiscal year 2016 was discussed, then approved while the Auditors Report for the year ended 31 December 2016 was reviewed during this meeting.

At the AGM, Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:

"In 2016, Alba outperformed the industry amidst tough LME market conditions which resulted in significant cash generation. The strong year end cash position enabled Alba to pay a dividend BD 29.6 million (US$ 80 million) for 2016.

On this occasion, I would also like to welcome aboard the newly appointed Directors and thank Alba's former Directors for their strategic guidance and support in the last 3 years".

At the end of the AGM, Ernst & Young was approved to continue as the Company's external auditors for the fiscal year in 2017.

http://www.rns-pdf.londonstockexchange.com/rns/0882A_-2017-3-21.pdf

ENDS

Photo caption:

Aluminium Bahrain B.S.C. (Alba), the Bahrain-based international aluminium smelter, held its Annual General Meeting (AGM) on Tuesday, 21 March 2017, at Al Dana Hall, Alba, Askar, Kingdom of Bahrain, during which approval was given to the distribution of cash dividends related to the fiscal year 2016.

About Alba:

Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 971,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.

Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company's shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).

About Line 6 Expansion Project:

Alba's Line 6 Expansion Project is one of the largest brownfield developments in the region. Expected to begin production by early 2019, this Project will boost the smelter's per-annum production by 540,000 metric tonnes, bringing its total production capacity to around 1.5 million metric tonnes per year.

With a CAPEX of approximately US$ 3 billion, the Line 6 Expansion Project involves the construction of a sixth pot line utilising EGA's proprietary DX+ Ultra Technology, a 1,792 MW power station and other industrial services.

Bechtel is the EPCM contractor for the Line 6 Expansion Project smelter. For Power Station 5 (PS 5), GE and GAMA Consortium was awarded the EPC contract, while Siemens is the Power Distribution System contractor. J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors for this Project.

The Bankable Feasibility Study was completed by Bechtel in December 2014. In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.

The Line 6 Expansion Project will make Alba the world's largest single-site aluminium smelter and be a significant economic boost for the Kingdom of Bahrain due to the many co-investment opportunities through local and foreign aluminium investments.

For further details, please contact:

Eline Hilal

Manager, Investor Relations & Corporate Secretary

Investor Relations Department

Tel: (973) 1783 5100 (direct)

Fax: (973) 1783 3822

E-mail: eline.hilal@alba.com.bh

Website: www.albasmelter.com.bh

Follow us on:

http://www.twitter.com/Alba4World 

http://www.facebook.com/Alba4World

http://www.instagram.com/Alba4World 

http://www.linkedin.com/company/aluminium-bahrain

http://www.youtube.com/Alba4World