Last checked at 17 Mar 2016 07:00
Media Release - March 16, 2016
Alba holds AGM for 2015; approves cash dividends
Aluminium Bahrain B.S.C. (Alba), one of the world's leading aluminium producers, held its Annual General Meeting (AGM) on March 16, 2016 at Al Dana Hall, Aluminium Bahrain, Askar, during which approval was given to the distribution of cash dividends related to the fiscal year 2015.
The total dividend for the fiscal year 2015 amounted BD 15.5 million (US$ 41.3 million), equivalent to 11% of the nominal value of the company's shares - which is 11 fils per share, of which 5.5 fils (interim dividend) has already been distributed to the shareholders in September 2015.
The final dividend for 2015, equivalent to BD 7.8 million (US$ 20.6 million), will be payable from April 3, 2016 to Alba's shareholders of record as of March 16, 2016.
In addition, audited financial statements for the fiscal year 2015 were approved at the AGM. Approval was also given to the transfer of BD 44.4 million (US$ 118.1 million) to retained earnings as well as to the Directors' remuneration for the fiscal year 2015. In addition, the Board was authorised to specify their remuneration for 2016.
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 2015 financial statements.
Approval was given to the minutes of the Previous Ordinary General Meeting, which was held on March 1, 2015. The Report of the Board of Directors for the fiscal year 2015 was discussed, and thereafter approved while the Auditors Report for the year ended December 31, 2015 was reviewed during this meeting.
Commenting on this AGM, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
"2015 was a challenging year for the aluminium industry due to the low LME prices and difficult market conditions; Alba, however, was able to generate profit and distribute cash dividends to its shareholders.
As we move ahead in 2016, Alba remains on track with Line 6 Expansion Project."
ENDS
Photocaption:
Chairman of Alba Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa (centre) addressing Alba's Annual General Meeting held on Wednesday, March 16, 2016 at Al-Dana Hall, Aluminium Bahrain, Askar
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 960,000 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:
Line 6 Expansion Project, expected to begin production by early 2019, will boost the per-annum production by 540,000 metric tonnes, bringing the total production capacity of Alba to around 1.5 million metric tonnes per year.
Bechtel Canada completed the Bankable Feasibility study for the $3.5 billion Line 6 Expansion Project in December 2014. EGA's DX+ Ultra Technology is selected as the base for Line 6, while J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors of the Project.
The Line 6 Expansion Project will enhance the downstream industry by creating many co-investment opportunities through local and foreign aluminium investments. It will create hundreds of jobs, directly and indirectly, which will be a significant economic boost for the Kingdom of Bahrain.
For further details, please contact:
Eline Hilal
Manager, Investor Relations, Public relations & Corporate Secretary
Investor Relations & Public Relations Department
Tel: (973) 1783 5100 (direct)
Fax: (973) 1783 3822
E-mail: eline.hilal@alba.com.bh
Website: www.albasmelter.com.bh
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