The Board of Directors of The Saudi Basic Industries Corporation (SABIC) recommended at a meeting held here today under the chairmanship of Prince Saud bin Abdullah bin Thunayan Al-Saud raising the capital of the Corporation from SR 25 billion to SR 30 billion through granting a free share for each five shares. This development will raise the number of shares from 2.5 billion to 3 billion if the proposal of the Board of Directors is approved by the Corporation's extraordinary General Assembly. The Board of Directors also decided to pay SR 5 billion as cash profits to the shareholders for the second half of 2007. This will raise the proposed cash profits for distribution to SR 7.5 billion as profits for the shareholders for 2007, three riyals for each share. --MORE
