SABIC's Extraordinary General Assembly has approved increase of corporate capital to SR 25 billion by distributing one share for each four shares held to shareholders on record as at the end of trading on the date of the General Assembly's meeting. SABIC's General Assembly has approved cash dividends of SR 23 per share to shareholders (prior to share split decision) for SABIC's operations in 2005 fiscal year. The total dividends distributed in the fiscal year amounted to SR 9.2 billion. The company had distributed SR 3.2 billion in dividends for the first half of 2005, at SR 8 per share. The total dividends distributed for the second half of 2005 was SR 6 billion (SR 15 per share prior to split). Payment of dividends will start May 6, 2006 to shareholders on record as at the end of trading on the date of the General Assembly's meeting. SABIC's Annual General Assembly was held at SABIC Headquarters in Riyadh, on April 22, 2006 under the patronage of Prince Saud Bin Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, and Chairman of the Saudi Basic Industries Corporation (SABIC) Board of Directors. The General Assembly approved the Board of Directors' report for the fiscal year ending December 31, 2005; the SABIC final accounts and auditors report for the same fiscal year; the Board of Directors' remuneration for the fiscal year; holding the Board of Directors free from any liabilities for the same year; the allocation of 10% from profits to the statutory reserve; and approval to appoint and determine fees for an independent auditor to be selected from a shortlist of accountants nominated by the Auditing Committee to audit SABIC's quarterly and annual accounts for the year 2006. // More // 1037 Local Time 0737 GMT
