BCI to withhold dividend for FY 2018

Basic Chemical Industries Co.’s (BCI) board of directors has recommended holding off on issuing a cash dividend for fiscal year 2018 in order to boost solvency margin and support the company’s future activities, particularly the Chlorine project in Al Jubail, at an estimated cost of SAR 520 million.

The decision is pending approval by the company’s general assembly.

BCI had distributed cash dividend of SAR 1 per share for FY 2017, according to data compiled by Argaam.