Saudi Basic Industries Corporation (SABIC) has announced its board's recommendation to distribute cash dividends to shareholders for the first half of 2020.

The board has proposed a H1 dividend of 1.50 Saudi riyals per share. Dividends will be distributed on September 20,2020, according to a company filing on Tadawul.

SABIC shares were trading at 89.4 riyals on Tuesday.

On Sunday, state-owned oil giant Saudi Aramco bought 2.1 billion shares of SABIC on the stock market, as it completed its deal agreed in 2019 to buy 70 percent of the petrochemical giant.

(Writing by Seban Scaria, editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

#SAUDI #SABIC #DIVIDEND #EQUITIES

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