15 April 2014
RIYADH -- Saudi Basic Industries Corp. (SABIC) approved on Sunday the board's recommendation to distribute SR9,000,000,000 cash dividends for the second half of 2013 at SR3 per share representing 30 percent of the nominal share value.
SABIC held on Sunday an extraordinary general assembly meeting at its headquarters in Riyadh after a quorum and approved the Board of Directors report for the financial year ending December 31, 2013.
SABIC said in a statement that SR6,000,000,000 has been distributed for the first half of 2013, at SR2 per share representing 20 percent of the nominal share value.
Eligibility for the second half of the profits will be for the shareholders registered in Tadawul by the end of trading on the day of the Assembly meeting.
Payment of dividends began on Sunday, April 13, it said. "Thus, the total profits recommended for distribution for 2013 will be SR 15,000,000,000 at SR5 per share, representing 50 percent of the nominal share value.
The company also approved to pay SR1,800,000 as remuneration for the board at SR200,000 per member for the fiscal year ending December 31, 2013.
Others approved during the meeting were the addition of the remaining net profits to the general reserve, discharge of the board members for the fiscal year ending December 31, 2013, the recommendation of the Audit Committee on the selection of an external auditor to review the quarterly financial statements and corporate annual reports and determine the auditors fees for the fiscal year 2014.
The general assembly also agreed to amend the scope of work of the Nomination and Remuneration Committee and the company's Articles of Association.
RIYADH -- Saudi Basic Industries Corp. (SABIC) approved on Sunday the board's recommendation to distribute SR9,000,000,000 cash dividends for the second half of 2013 at SR3 per share representing 30 percent of the nominal share value.
SABIC held on Sunday an extraordinary general assembly meeting at its headquarters in Riyadh after a quorum and approved the Board of Directors report for the financial year ending December 31, 2013.
SABIC said in a statement that SR6,000,000,000 has been distributed for the first half of 2013, at SR2 per share representing 20 percent of the nominal share value.
Eligibility for the second half of the profits will be for the shareholders registered in Tadawul by the end of trading on the day of the Assembly meeting.
Payment of dividends began on Sunday, April 13, it said. "Thus, the total profits recommended for distribution for 2013 will be SR 15,000,000,000 at SR5 per share, representing 50 percent of the nominal share value.
The company also approved to pay SR1,800,000 as remuneration for the board at SR200,000 per member for the fiscal year ending December 31, 2013.
Others approved during the meeting were the addition of the remaining net profits to the general reserve, discharge of the board members for the fiscal year ending December 31, 2013, the recommendation of the Audit Committee on the selection of an external auditor to review the quarterly financial statements and corporate annual reports and determine the auditors fees for the fiscal year 2014.
The general assembly also agreed to amend the scope of work of the Nomination and Remuneration Committee and the company's Articles of Association.
© The Saudi Gazette 2014
