Bahrain: Alba approves $80m cash dividends at AGM
Bahrain-headquartered Aluminium Bahrain (Alba) approved cash dividends amounting to $80m for 2016, payable beginning 2 April, 2017 to Alba's shareholders on record as of 21 March, 2016
Bahrain-headquartered Aluminium Bahrain (Alba) has approved cash dividends amounting to $80m (BHD29.6m) for fiscal year 2016.
The authorisation for the distribution of the dividends was given at the company’s annual general meeting (AGM) held on 21 March.
According to Bahrain News Agency, Alba’s total dividend is equivalent to 21% of the nominal value of the company’s shares (excluding treasury shares), which is $0.07 (BHD0.025) per share and will be payable beginning 2 April, 2017 to Alba's shareholders on record as of 21 March, 2016.
The meeting also saw approval given for the directors’ remuneration for 2016, as well as the transfer of $128.4m (BHD48.4m) to retained earnings. 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 2016 financial statements.
The AGM concluded with the decision to continue with Ernst & Young as the company’s external auditors for 2017.