SAIC scraps Obeikan share distribution, ups cash dividend

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co.'s (SAIC) board of directors cancelled its recommendation, issued on March 16, to distribute part of its share in Obeikan Glass Co.

This was due to the difficulty of distributing Obeikan Glass shares to shareholders who are not eligible for trading in the Nomu-Parallel Market, the company said in a statement to Tadawul.

The board's recommendation to the general assembly was amended to distributing cash dividends to shareholders for 2023, equivalent to the share per share of Obeikan Glass dividends, the company added.

In a separate statement, the company raised its cash dividend distribution, which was recommended by the board on March 17, from 7.5% (SAR 0.75 per share) to 10% (SAR 1 per share) for 2023.

SAIC board ups proposed cash dividend for 2023 to 10%