Saudi Arabian Oil Co. (Saudi Aramco) plans to pay dividends at $75 billion (SAR 281.25 billion) for 2020, according to a company statement.
The major oil producer is also planning a progressive growing dividend on sustainable basis later on.
The planned dividends are subject to the board approval.
Based on Argaam calculations, Saudi Aramco is likely to pay a cash dividend of SAR 1.406 per share, based on the total number of its shares amounting to 200 billion.
“For the years 2020 to 2024, if annual dividends declared would have been less than $75 bln, dividends to non-government shareholders are intended to be prioritised so that they receive their pro-rata share of a $75 bln equivalent dividend,” the company said in its corporate overview report.
Accordingly, nongovernment shareholders will guarantee receiving the minimum dividend in the four-year period. Meanwhile, the government’s dividend share will be lower.
Saudi Aramco is expected to float a 5 percent stake in a public offering in a year.
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