SABIC to pay $960 million to shareholders
The Board of Directors of the Saudi Basic Industries Corporation (SABIC) has recommended payment of 3.6 billion Saudi riyals ($960 million) to company shareholders at SR 12 per share.The recommendation will be presented at the annual general assembly of shareholders on April 17, 2004.
Based in Riyadh, Saudi Arabia, SABIC was founded in 1976, when the Saudi Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. SABIC has two large industrial sites in the Kingdom with sixteen production complexes.
SABIC has commenced the implementation of several expansion projects and new productivity programs, with the objective of reaching its targeted 45 million tons annual capacity in 2004, and 60 million tons per annum by 2008. — (menareport.com)
© 2004 Mena Report (www.menareport.com)