Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud, Chairman, SABIC Board of Directors and President, Royal Commission for
Jubail and Yanbu, ratified payment of dividends totaling SR 3.2 billion (US$ 853 million) to company shareholders at SR 8 (US$ 2.13) per share for the company’s operations during the first half of 2005. Right of share vesting shall be for shareholders as at June 30 2005 . Distributed dividends represent 16% of the company’s paid-up capital.
Commenting on the announcement, Mohammed Al Mady, SABIC Vice Chairman and CEO said that payment of dividends shall be with three months from the date of shares vesting.
Saudi Basic Industries Corporation (SABIC) is the largest company in the Middle East by market capitalization (at more than US$ 100 billion), and the 11th largest petrochemicals manufacturer in the world. It is a market leader in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers and the fourth largest polymers producer in the world.