Aluminium Bahrain (Alba), the Bahrain-based aluminium smelter, approved the distribution of cash dividends related to the fiscal year of 2017, at the its annual general meeting (AGM) held today (March 7) at Alba, Bahrain.

The total cash dividend for 2017 amounted BD36.8 million ($97.9 million) equivalent to 26 per cent of the nominal value of the company’s shares (excluding treasury shares) - which is 26 fils per share and will be payable from March 21, to Alba's shareholders of record as of March 7, said a statement.

Approval was also given to the directors’ remuneration for the fiscal year of 2017 as well as the transfer of BD25.2 million ($66.83 million) to retained earnings, it said.

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 2017 financial statements, it added.

Also, the 2017 Corporate Governance Report was tabled before the shareholders. Approval was given to the minutes of the previous ordinary general meeting, which was held on March 21, 2017.

The report of the board of directors for the fiscal year of 2017 was discussed then approved while the auditors’ report for the year-ended December 31, 2017, was reviewed during this meeting.

At the AGM, chairman of Alba's board of directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, said: “Our company had an exceptional finish in 2017 on multiple fronts - safety, productivity and financial performance.”

“We were also able to transform challenges into opportunities with our resilience, determination and teamwork,” he said.

“As we progress in 2018, we look forward to our transformation into the largest smelter in the world with the completion of our landmark project, Line 6 Expansion Project,” he added.

At the end of the AGM, Ernst & Young was approved to continue as the company’s external auditors for 2018, it stated. – TradeArabia News Service