SABIC approves SR 15 bln dividends for shareholders

AGM OKS four members as BOD for next session

RIYADH, April 15: The Saudi Basic Industries Corporation ( SABIC) held its annual General Assembly meeting at the company’s headquarters in Riyadh recently, under the chairmanship of Prince Saud bin Abdullah bin Thenayan AlSaud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu.

The General Assembly approved SR 15 billion as dividends for shareholders at SR 5 per share for its operations in 2012. The company had distributed dividends to shareholders for the first half of 2012 at SR 2 per share. Eligibility for receiving second half dividend payments at SR 3 will be for shareholders listed in Tadawul (Saudi Stock Exchange) records as of the end of trading on the day of the General Assembly meeting.

The General Assembly also approved other items on its agenda including the Board of Directors’ report for the fiscal year ending on Dec 31, 2012, the company’s audit report, the final accounts for the year, the Board of Directors’ remunerations for the year, the conditions for holding the Board of Directors free from any liabilities for the year, and the addition of the remaining profits to the next general reserves.

The General Assembly also approved the recommendation of the auditing committee, which involves the selection of an external auditor to audit SABIC’s quarterly and annual accounts. In addition, the fees for the independent auditor for the fiscal year 2013 were also determined. Price Waterhouse Coopers was selected as the auditor.

The General Assembly also approved four members, at least three of who are