SABIC shareholders to discuss H2 2016 dividend on April 11

Shareholders of Saudi Basic Industries Corporation (SABIC) on April 11 will discuss the board's recommendation to issue a cash dividend at 20 percent of par value, or SAR 2 per share, for the second half of 2016, the company said in a statement to Tadawul.

The second-half dividend, which will total SAR 6 billion, would be distributed to eligible shareholders on April 23.

The petrochemicals producer had earlier approved a cash dividend of SAR 6 billion, or SAR 2 per share, for the first half of 2016. Accordingly, the full-year dividend stands at SAR 12 billion, or SAR 4 per share at 40 percent of par value.

The extraordinary general assembly meeting is also set to review the board and auditor’s reports, as well as financial statements for fiscal year 2016.

SABIC will also hire an external auditor for the current fiscal year.

Shareholders will also discuss a board remuneration of SAR 1.8 million (SAR 200,000 for each director).