The total dividends for the fiscal year 2013 amounted to US$ 105 million (BD 50.7 million) – equivalent to 36% of the nominal value of the company’s shares – which is 36 fils per share, of which 14 fils (interim dividend) has already been distributed to the shareholders in September 2013.
The final dividend for 2013 of $82 million (BD 30.9 million) will be payable from March 13, 2014 to Alba’s shareholders of record as of February 27, 2014.
During the AGM, the shareholders approved the appointment of the newly appointed Chairman of the Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa; the appointment of Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Fahad Nasser Al-Hazzani, Dr. Mohamed Kameshki and Tony Robinson (Anthony Lee Robinson) by Bahrain Mumtalakat Holding Co. B.S.C © and the appointment of Mutlaq Hamad Al Morished and Fahad S. Al Sheaibi by Sabic Industrial Investments Co (SIIC) together with the elected director,. Abdul Aziz Al Humaid from Sabic Industrial Investments Co (SIIC) as the new Directors of the Board.
The 2013 Corporate Governance Report was tabled before the shareholders.
Approval was given to the minutes of the Previous Ordinary General Meeting held on March 7, 2013. The Report of the Board of Directors for the fiscal year 2013 was discussed and approved while the Auditors Report for the year ended December 31, 2013 was reviewed during this meeting.
Audited financial statements for the fiscal year 2013 were approved at the AGM. Approval was also given to the transfer of BD 28.7 million to retained earnings as well as to the Directors’ remuneration for the fiscal year 2013. In addition, the Board was authorised to specify their remuneration for 2014.
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 2013 financial statements.
“I would like to thank Alba’s Board of Directors for their strategic guidance throughout the years, the trust they have placed in me, and would also like to extend my appreciation to the Executive Management Team for their support in making things happen. I take the opportunity to welcome on board the new appointed Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa and wish him all the best in his new position,” the outgoing Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji, said.
“I am privileged to be appointed as the new Chairman of Alba’s Board of Directors and as a member of the Board of Directors. I look forward to work with my fellow Board members and Alba’s Executive team to keep up the good momentum, achieve further success as well as continue to deliver value to our shareholders. I would also like to express my sincere thanks to Mahmood Hashim Al Kooheji whose dedication has steered Alba to prosper during his tenure and to be one of the leading smelters in the world,” the new appointed Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, added.
At the end of the AGM, Ernst & Young was approved to continue as the company’s external auditors for the fiscal year in 2014.