To follow the market trend you require the latest market information. Our market news provides you with up to date information as to what obtains in every market.
[2007-12-31] Saudi firm plans to offer bonus shares Saudi Basic Industries (Sabic) said yesterday it plans to offer shareholders one bonus share for every five they hold and two riyals in dividend for the second half of current year.
Sabic will hold a general assembly in March to get shareholders' approval for the proposals, the company said in a statement posted on the bourse's website.
"The board approved the budget and the company's business plan for next year which reflects continuing progress towards achieving its strategic goals," Sabic said.
Only shareholders registered at the end of the assembly's day will qualify for the bonus share and dividend. Sabic's proposed dividend for the second half brings to three riyals the overall dividend payment for the current year versus four riyals last year.
Total dividend payout this year will reach 7.5 billion riyals against 10bn riyals last year when it posted a net profit of 20.3bn riyals. Sabic made a net profit of 20.2bn riyals in the nine months to September 30.
