SABIC to discuss transferring SAR 15 bln to retained earnings on June 22

Logo of Saudi Basic Industries Corp.

Saudi Basic Industries Corp.'s (SABIC) shareholders will vote on transferring SAR 15 billion from the statutory reserve to retained earnings, during the extraordinary general meeting (EGM) slated for June 22.

Shareholders will also discuss amending some of the company's bylaws, the petrochemical producer said in a statement to Tadawul.

In addition, they will vote on amending the article related to the dividend payout and setting aside 10% of net earnings annually to form retained earnings.

The article will read as follows: "The corporation may distribute interim dividends to its shareholder on a half year and/or quarterly basis and may authorize the board of directors to do so in accordance with the regulations issued by the Capital Market Authority. The general assembly may set aside any amount of the corporation’s funds available for cash distributions as a general reserve or to achieve social purposes for the corporation's employees - or its subsidiaries - or for other purposes related to the corporation as the board of directors deems to be in the interest of the corporation.”

During the meeting, shareholders will also discuss 2022 dividends, as follows: