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SABIC Board Recommends Hike in Its Capital to SR 30 Billion - ASHARQ AL-AWSAT English Archive
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Riyadh, (SPA) – The Board of Directors of The Saudi Basic Industries Corporation (SABIC) recommended at a meeting held here today under the chairmanship of Prince Saud bin Abdullah bin Thunayan Al-Saud raising the capital of the Corporation from SR 25 billion to SR 30 billion through granting a free share for each five shares.

This development will raise the number of shares from 2.5 billion to 3 billion if the proposal of the Board of Directors is approved by the Corporation’s extraordinary General Assembly.

The Board of Directors also decided to pay SR 5 billion as cash profits to the shareholders for the second half of 2007.

This will raise the proposed cash profits for distribution to SR 7.5 billion as profits for the shareholders for 2007, three riyals for each share.

Prince Saud bin Abdullah bin Al-Thunayan Al-Saud, the President of the Royal commission for Jubail and Yanbu and Chairman of the Board of Directors of SABIC, said in a statement carried by the web-site of Tadawul -the stock market, that the extraordinary General Assembly of SABIC will be held in March 2008.

He noted that the Board of Directors of SABIC had reviewed the performance of the Corporation and approved the Corporation’s budget for 2008.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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