SABIC recommends distribution of US$2.45 billion in dividends
The Board of Directors of Saudi Basic Industries Corporation (SABIC) decided on 19 December, 2005 to recommend to SABIC’s Annual General Assembly (scheduled for April 2006), to distribute dividends of 15 Saudi Riyals (SR) (US$4), per share. This covers the 2nd half of 2005 and amounts to SR 6 billion. This will bring the proposed total of shareholders’ dividends for 2005 to SR 9.2 billion at SR 23 per share.
Prince Saud Ibn Thunayan Al-Saud, Chairman of the Royal Commission for Jubail & Yanbu and SABIC Chairman said, “The SABIC Board has reviewed the corporate performance during 2005 and the company’s ever-increasing growth. The company continues to report unsurpassed annual results, which are a clear indication of its leading position amongst global companies.
“The Board has further endorsed the 2006 corporate budget and plans to achieve corporate strategic objectives. It is planned that SABIC’s annual production capacity in 2006 will reach 51 million metric tons due to the coming on-stream of a number of expansion projects.
“I would like to thank the Board, Executive Management, the affiliates’ and employees’ sustained and sincere efforts to improve the company’s overall performance. I further thank the shareholders’ fruitful and constructive cooperation.”
The Board praised the work, efforts and encouraging results of SABIC’s R&T centers. The Board also reviewed recent developments in overseas investment projects which are currently under development.
It is worth mentioning that the Board of Directors had previously approved the distribution of SR 3.2 billion to shareholders by mid-2005. The remaining proposed dividends shall be distributed once ratified by the next General Assembly’s meeting scheduled for April 2006. Preference of dividends will be given to shareholders who own SABIC shares on the date of the General Assembly meeting.