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Aluminium Bahrain B.S.C. (Alba), the world's largest aluminium smelter ex-China, held its Annual General Meeting (AGM) on Thursday 11 March 2021 - its first AGM meeting through virtual platforms.

During the AGM, the minutes of the previous Annual General Meeting which was held on 08 March 2020 were discussed and approved. The Report of the Board of Directors for the year-ended 31 December 2020 was approved while the External Auditors' Report for the Financial Statements for the year-ended 31 December 2020 was reviewed during this meeting.

Approval was given to the non-distribution of cash dividends to the shareholders and transfer BD9,755 Thousand - the Net Profit for the year-ended 31 December 2020, to the Retained Earnings. Approvals were also given to the recommendation of the Board of Directors' total remuneration of BD210,000 for the year-ended 31 December 2020 and subject to the approval of the Ministry of Industry, Commerce and Tourism.

The 2020 Corporate Governance Report was tabled before the shareholders and KPMG was re-appointed as the Company's External Auditors for 2021.

In addition, Alba's shareholders approved the transactions carried-out during the financial year-ended 31 December 2020 with any of the related parties as described in note # 27 of the financial statements in line with Article 189 of the Commercial Companies Law as well as absolved the Board of Directors from their actions/activities for the year-ended 31 December 2020.

Approval was given to SICO B.S.C. (c) to provide Market-Making services by utilising at any given time a maximum of 3% of Alba's issued share capital for 3 years period and subject to the approval of the Central Bank of Bahrain.

Commenting on this occasion, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:

'COVID-19 pandemic tested us in every way without exception and the challenges we went through in 2020 have unlocked Alba's potential and true strength. We learnt a lot and we established many firsts - all thanks to the agility of our people. As we progress in 2021, we set our objectives for Alba to be at the forefront of the Aluminium industry all the while drive long-term growth for our shareholders.'

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ALBA - Aluminum Bahrain BSC published this content on 11 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 06:07:03 UTC.