Aluminium Bahrain (Alba) has approved the distribution of cash dividends related to the fiscal year 2014, amounting to BD38.2 million ($101 million).

The approval was given at Alba's Annual General Meeting (AGM) held today (March 01) at the Al-Dana Hall, Alba.

The total dividends are equivalent to 27 per cent of the nominal value of the company’s shares and amounts to 27 fils per share, of which 12 fils (interim dividend) has already been distributed to the shareholders in September 2014.

The final dividend for 2014 of BD21 million ($56 million) will be payable from March 24.

During the AGM, the shareholders approved the appointment of Fawaz Al Fawaz, from Sabic Industrial Investments Company as a new director of the board.

The 2014 Corporate Governance Report was tabled before the shareholders.

The AGM also approved the audited financial statements for the fiscal year 2014. It also approved the transfer of BD58.3 million to retained earnings as well as the directors’ remuneration for the fiscal year 2014.  

Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman, said: “2014 was another successful year for Alba with a record production of 931,427 metric tonnes. Looking ahead, the company aims to capitalise on 2014 achievements, continue to build on its culture of continuous improvements and gear-up for Line 6 expansion project." - TradeArabia News Service