Petro Rabigh set to approve 5% cash dividend on April 24

Rabigh Refining and Petrochemical Co. (Petro Rabigh) shareholders are set to approve on April 24 the board’s recommendation on paying cash dividend at 5 percent of capital, or SAR 0.50 a share, totaling SAR 438 million, the company said in a bourse statement.

Shareholders of record on the second day after the general meeting are entitled to receive dividend. The payment date will be determined later.

During the meeting, shareholders will also approve the transactions inked between the petrochemicals’ producer and other companies.

They will also endorse the board of directors’ report, an audit report and all financial statements for 2017.

Shareholders will also discharge board members from liability associated with their activities in 2017, select an external auditor for 2018 and Q1 2019, in addition to approving the board bonuses at SAR 1.05 million for 2017.

Shareholders will approve the regulations for the audit, nominations and remunerations committees, policies for the board membership as well as the remuneration policy for board members and executives.