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INDUSTRIAL NEWS

Alba AGM approves transfer of $159m to retained earnings

Mar 7, 2019 3:20 PM

The Annual General Meeting of Aluminium Bahrain (Alba) set to become the largest smelter in the world has approved the transfer of BD59.992 million ( 159.14 million) to retained earnings. The AGM and an...

The Annual General Meeting of Aluminium Bahrain (Alba), set to become the largest smelter in the world, has approved the transfer of BD59.992 million ($159.14 million) to retained earnings.
 
The AGM and an extraordinary general meeting (EGM) was held today (March 7) at Al Dana Hall, Alba. 
 
The AGM also approved the recommendation on the board of directors’ total remuneration of BD210,000 for the year ended December 31, 2018, subject to the approval of the Ministry of Industry, Commerce and Tourism. 
 
A proposal to grant the board of directors a bonus of BD210,000 in recognition of their efforts towards the successful and safe commissioning of the Line 6 Expansion Project was postponed until further approvals are received from the concerned authorities.  
 
The minutes of the previous Ordinary General Meeting, which was held on March 7, 2018, was discussed and approved by the meeting. 
 
Alba's board of directors chairman Shaikh Daij bin Salman bin Daij Al Khalifa said: “2018 was historic for Alba -- we made history by exceeding the 1-million metric tonnes production mark; we successfully achieved First Hot Metal from Line 6 Expansion Project ahead of schedule on December 13, 2018; and most importantly, we have had the best safety performance in Alba’s history. 
 
“We are also pleased that we have achieved savings of $200 million in Line 6 Expansion Project and we look forward to save some more as we accelerate the successful commissioning of Line 6,” he added.
 
At the extraordinary general meeting, the amendment and restatement of the memorandum and articles of association were approved - in accordance with the amendments to some of the items in the Companies’ Commercial Law No. 21 for the year 2001, as per the law No. (50) for the year 2014 and law No. (1) for the year 2018. 
 
Furthermore, Alba’s shareholders approved the addition of new service activities in connection to water transportation, management and operation of ports and private jetties, activities relating to non-specialised medical clinics as well as services relating to manufacturing of other chemical products - factory and manufacturing of non-metallic mineral products – factory, subject to the approval of the Ministry of Industry, Commerce and Tourism. – TradeArabia News Service
 

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