Sipchem shareholders to vote on 5% dividend for 2020, 66.35 mln share buyback on May 24

Sahara International Petrochemical Co.’ (Sipchem) shareholders will vote on the disbursement of a 5% cash dividend (SAR 0.5 a share), during an extraordinary general assembly meeting that will be held on May 24, 2021, according to a bourse filing.

They will also vote on approving the board and auditor reports, as well as financial statements for 2020.

Shareholders will also discuss the payment of SAR 4.5 million as remuneration for board members for last year, in addition to authorizing the board of directors to distribute interim, semi-annual or annual dividends for 2021.

They will also vote approving buyback of up to 66.35 million shares and allocating them as treasury shares and authorizing the board or whoever it authorizes to complete the purchase within a maximum period of 12 months from the date of the assembly's approval and retain them for a maximum period of five years from the date of the assembly's resolution.

Shareholder can vote on the agenda items as of May 20, 2021, using Tadawulaty services.