The Board of Directors of Saudi Arabian Basic Industries Corporation (SABIC) has announced cash dividends of SR15 per share and distribution of bonus shares to stakeholders. The dividends total SR4.5 billion, or 30 percent of the book value of SABIC's original capitalization of SR15 billion, Arab News reported today. The Directors, at the SABIC's Annual General Meeting in Riyadh on Saturday under the leadership of Prince Saud bin Abdullah bin Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, and Chairman of the SABIC board of directors, ratified a previously announced plan to distribute one bonus share for every three shares held, increasing the capitalization to SR20 billion. The board had previously approved a plan to distribute stock dividends semi-annually, instead of annually, starting this year. The Saudi Arabian government owns 70 percent of SABIC shares with the remaining 30 percent held by private investors in Saudi Arabia and other Arab Gulf Cooperation Council (GCC) countries. SABIC is the largest company in the Middle East by market capitalization and the 11th largest petrochemicals manufacturer in the world. --MORE 1024 Local Time 0724 GMT
