SABIC EGM approves transferring SAR 15 bln from statutory reserve to retained earnings

SABIC head office in Jubail

Shareholders of Saudi Basic Industries Corp. (SABIC) approved transferring SAR 15 billion from statutory reserve, as stated in 2022 financials, to retained earnings during the extraordinary general meeting (EGM) held on June 22, according to a statement to Tadawul.

In addition, shareholders gave the go-ahead for amending some articles of the company's Bylaws, including Article 42 related to paying dividends, setting aside 10% of net earnings annually, and making the reserve.

Article 42 after amendment reads as follows: "The company may distribute interim dividends to shareholders on a semi-annual or quarterly basis, and it may authorize the board of directors to take this action, as per the regulations issued by the Capital Market Authority. In addition, the general meeting may set aside any amount of the company’s available cash for cash dividends as a general reserve, to achieve social purposes for the company’s employees or subsidiaries, or for other purposes related to the company as the board of directors deems to be in the interest of the company."