Shareholders of Alba have approved the distribution of 29.18 per cent of the paid-up capital as cash dividends for the year ended December 31, 2023 or 29.18 fils per share, which amounts to BD41,314,159 and the transfer of BD76,710,841 to the retained earnings.
The dividend payout includes interim dividend of 13.28 fils per share which was already distributed to shareholders on August 31, 2023.
This follows the 14th annual general meeting (AGM) and an extraordinary general meeting (EGM) held yesterday at Al Dana Hall on the company’s premises.
The meeting was led by the chairman of the board Khalid Al Rumaihi with attendance from the board members, company’s executive management, Alba shareholders, and representatives from regulatory bodies.
During the AGM meeting, the shareholders approved the appointment of Mr Al Rumaihi as chairman. Moreover, minutes of the previous AGM held on February 26, 2023 were reviewed and approved.
The meeting also discussed and approved the report of the board of directors for the company’s business/activities along with the financial statements for 2023.
The discussion also covered the Corporate Governance Report for 2023, and the meeting approved the re-appointment of Ernst & Young as the company’s external auditors for the fiscal year 2024.
In addition, the shareholders approved the re-appointment of SICO to provide market-making services to Alba by using, at any given time, a maximum of 3pc of Alba’s issued share capital over a three-year period and subject to the approval of Central Bank of Bahrain.
Commenting, Mr Al Rumaihi, said: “I want to start by expressing my deepest gratitude to the board of directors and our executive team. Their exceptional leadership and unwavering dedication throughout the past year have been instrumental in delivering strong performance, both operationally and financially, despite a challenging market environment – with volatile LME prices and fluctuating premiums. This success is a true reflection of the talent, commitment, and collaborative spirit that permeates every level of Alba. This was reflected in our good financial performance, allowing us to maintain a healthy dividend payout ratio of 35pc.”
He added: “As we look forward, I am confident that our well-defined vision, robust strategy, and the unwavering dedication of our team will continue to drive long-term value for our shareholders and cement our position as an industry leader.”
During the EGM, the minutes of the previous meeting held on February 26, 2023 were reviewed and approved. Approvals were also given to the amendment and restatement of the company’s memorandum and articles of association in accordance with legislative decrees no. (3) of the year 2022, no. (20), (63), and (64) of the year 2021, and no. (28) of the year 2020, subject to the approval of regulatory authorities.
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