Sabic to pay $2.3bn in cash dividend for H2
Riyadh, April 14, 2014
Saudi Basic Industries Corp (Sabic) has approved its board’s recommendation to distribute SR9 billion ($2.3 billion) in cash dividends at SR3 per share for the second half of last year.
Shareholders registered on the Saudi Stock Exchange (Tadawul) by the end of the trading on the day of the assembly meeting will be eligible for the profits, the company said in a statement released after the extraordinary general assembly meeting held at its headquarters in Riyadh yesterday (April 13).
The payment of dividends will begin on April 23, it said.
The total profits recommended for distribution for the year is SR15 billion, including the SR6 billion which was distributed for the first half of the year – which totals to 50 per cent of the nominal share value.
The meeting also approved a remuneration of SR200,000 for each of the board members, which totals to SR1.8million for the year, said the statement.
The remaining net profits have been added to the general reserve, it said.
Other matters discussed at the meeting included discharge of the members of the board for the fiscal year ending December 31; approval of the recommendation of the Audit Committee on the selection of an external auditor to review the quarterly financial statements, corporate annual reports and determine the auditors fees for this year; amend the scope of work of the Nomination and Remuneration Committee; and approve amendments to articles 33, 35, 39 and 49 of the company’s articles of association. - TradeArabia News Service