$200m cash windfall for Alba’s shareholders
Alba, which achieved a milestone with 267% year on year growth in 2010 and $368 million net profit, said that its shareholders had approved the payment of the cash dividend of $200 million.
Alba’s $200 million cash dividends equivalent to 53 fils per share or 53% of the nominal value of the company’s ordinary shares will be paid next month.
The dividends amounted to US$ 200 million, and their value is equivalent to 53 fils per share, of which 9 fils were paid in 2010 as a first installment and the remainder 44 fils per share are being paid following the AGM.
The dividend will be payable in April 2011 to Alba’s shareholders of record as of March 30, 2011. The cash dividends are equal to 53% of the nominal value of the company’s ordinary shares (excluding treasury stock).
The meeting agreed to transfer BD 13.8m to statutory reserve and BD 48.57 million to retained earnings after appropriation of dividend and transfer to statutory reserve.
The election of Abdulazis S. Al Humaid as an independent Board Director during the previous ordinary general meeting received approval at the AGM.
“The fundamental outlook for Alba remains positive following the strong recovery the company, along with its peers in the aluminium industry, experienced in 2010,” said Mahmood Hashim Al Kooheji the Chairman of Alba’s Board of Directors.
“Increased sale of Alba’s value added aluminium products, emphasis on continuous improvement processes and operational efficiency, and focus on enhancing the company’s global competitiveness contributed at large in achieving solid full year and fourth quarter 2010 financial results,” he added.
“Consequently, the company’s shareholders have been the prime beneficiaries of what Alba has accomplished in 2010, and the dividends remain a tangible indicator of the company’s success story. Our priority for 2011 will continue to revolve on accelerating growth, strengthening efficiency and yielding results for our stakeholders.”
At the AGM, it was decided to re-appoint Bahrain Bourse as the company’s official share registrar. Bahrain Bourse will be the point of contact for all queries and transactions related to Alba’s shares. Furthermore, approval was also given to the Board of Directors’ proposal on the plan for the implementation and compliance with the Corporate Governance Code.
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