Manama (ALBH): Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Sunday 26 February 2023 at Al Dana Hall, Alba, Askar, Kingdom of Bahrain. The meeting was chaired by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa in the presence of Alba’s Board of Directors and several members of the Executive Management, Alba shareholders and representatives from regulatory authorities.

During the meeting, minutes of the previous Ordinary General Meeting, which was held on 10 March 2022, were discussed and approved along with Alba’s Financial Statements for the year-ended 31 December 2022.

Approvals were given to the distribution of cash dividends to shareholders at Fils 117.58 per share or 117.58% of the paid-up capital (inclusive of the interim dividends of Fils 31.88 per share which was already distributed to the shareholders by 01 September 2022) which is BD166,428,697 for the year ended 31 December 2022. The final dividend of Fils 85.7 per share will be paid to the shareholders - at the record date of 06 March 2023 - from Monday 20 March 2023.

Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD412,000 for the year ended 31 December 2022 (subject to the approval of the Ministry of Industry and Commerce), and the transfer of BD249,745,000 to the Retained Earnings. 

The Report of the Board of Directors for the year-ended 31 December 2022 was approved while the External Auditors’ Report for the Financial Statements for the year-ended 31 December 2022 was reviewed during this meeting. In addition, the 2022 Corporate Governance Report was tabled before the shareholders and Ernst & Young was appointed as the Company’s External Auditors for 2023.

During the AGM, the shareholders approved the appointment of six Directors by Bahrain Mumtalakat Holding Co. B.S.C. ©: Shaikh Daij bin Salman bin Daij Al Khalifa, Shaikh Isa bin Khalid Al Khalifa, Mr. Tim Murray, Ms. Roselyne Renel, Mr. Omar Syed, and Mr. Bruce Cox; the appointment of two directors by Sabic Industrial Investments Co. (SIIC: Mr. Ahmed Al-Duriaan and Mr. Alwaleed AlSenani. In addition, the shareholders appointed an expert Director Mr. Omar bin Abdulla Al Amoudi in line with Alba’s Article of Association # 26; and elected Mrs. Mrs. Hala Abdul Hameed Mufeez as an independent board Director representing the 10% public listed shares for the next term of three years (2023-2026).

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

“I take the opportunity to thank the former Board members for their valuable contributions in the last term as we have seen Alba make headlines on multiple fronts - Safety, Productivity, Financial Performance and ESG.

I also take this opportunity to welcome the new Board members and look forward to work alongside them and the Executive Management to capitalise on Alba’s achievements and progress with our proposed Line 7 while we advance with Power Station 5 Block 4’s construction and Solar Farm Project.  

During the EGM, the minutes of the previous Extraordinary General meeting, which was held on 08 March 2020, were approved. The shareholders have also approved Alba Management’s recommendation to transfer the registration of Alba Club WLL, currently registered under Commercial Registration No. 99789-1, as a branch of Aluminium Bahrain B.S.C. (Alba) under Commercial Registration No. 999-1. In addition, the amendment and restatement of the Memorandum and Articles of Association in accordance with the amendment to Article 5 was approved by the shareholders.

-Ends-

About Aluminium Bahrain B.S.C. (Alba)

[Ticker: ALBH]

At plus-1.6 million metric tonnes per annum (mtpa) (2022), Alba is the world’s largest aluminium smelter ex-China with more than 50 years of excellence in Operations, Safety, Environment and Socio-Economic Development.

A blue-chip asset of the Kingdom of Bahrain, Alba produces high-quality Aluminium products in the form of Standard and Value-Added Products (VAP)s, which are exported to more than 240 global customers through its sales offices in Europe (Zurich), Asia (Singapore) and subsidiary office in the U.S. Alba is dual listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), SABIC Industrial Investments Company (SIIC) (20.62%) and General Public (10%). Alba holds globally-recognised certifications such as ISO 9001, ISO 14001, ISO 27001, ISO 45001, IATF 16949:2016, ISO 22301:2012 Business Continuity Management System (BCMS) and ASI Performance Standard Certification and Ecovadis Certification.

As the first aluminium smelter in the Middle East, Alba sits at the heart of a thriving aluminium downstream sector in Bahrain, which accounts for approximately 12% of the Kingdom's GDP. As one of the biggest national companies, it has ensured not only the employment of Bahrain nationals (85% in 2022) but also the enhancement of their capabilities through education, training, and development initiatives at every stage of their career.

Alba is recognised as one of the top industrial companies in the world with high standards in Environment practices, Social contribution and Corporate Governance. Launched in February 2022, the Company’s ESG Roadmap outlines 6 priority areas - (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba’s first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, the upcoming 5-7 MW Solar Farm Project and the Power Station 5 Block 4 Project are tangible efforts to meet the goals of the Net Zero Carbon targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. Alba will also play a crucial role in the upcoming Aluminium Downstream Park, which will increase the contribution of non-oil sectors to the GDP of Bahrain.

Alba’s motto ‘Safety First, Safety Always’ has ensured that the Safety and well-being of its employees and contractors’ workforce remain a top priority. The Company broke all previous records in Safety and topped 30 million Safe working-hours without Lost Time Injury (LTI) on 01 September 2022 for the first-time in its history. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA Gold Medal Award (9 years in a row) and International Safety Award with Merit from British Safety Council, as well as six major National Safety Council (NSC) USA awards for 2021. Alba has also been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom.

Alba Power Station 5 Block 4 Expansion Project

Alba Power Station 5 (PS5) Block 4 is a Combined Cycle Power Plant that is an expansion of the existing PS5.

PS5 Block 4 Project is the addition of a fourth Block of similar 1:1:1 configuration with J-class gas turbine technology and with minimum nominal ISO rating of a 680.9 MW and includes tie into the existing 220kV Substation. The efficiency of this combined cycle power plant is much higher than the combined cycle power plants of PS3 and PS4. On completion of PS5 Block 4 Expansion Project, the nameplate capacity of PS5 will increase from 1,800 MW to 2,481 MW.

Mitsubishi Power & SEPCOIII consortium will be responsible to design, engineer, procure, construct and commission Block 4. PS5 Block 4 commercial operations are expected to begin in Q4 2024.

Alba External Grievance Mechanism

Alba’s External Grievance Mechanism receives and facilitates the resolution of any affected communities’ concerns and grievances about Alba’s Environment and Social (E&S) performance. External grievances about Alba’s E&S performance can be logged via the Alba Integrity Line - an independently operated confidential reporting hotline in multiple languages - via a toll-free phone system or via the intranet 24 hours a day.

For further details, please contact:
Eline Hilal
Director, Investor Relations, Insurance & Corporate Secretary
Investor Relations Department
E-mail:      eline.hilal@alba.com.bh
Website: www.albasmelter.com

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