The board of Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals company, approved a dividend of 6.75 billion Saudi riyals ($1.8bn) for the first half of 2022, as the company continues to post profits amid a market recovery.
The first-half cash dividend of 2.25 riyals a share represents 22.5 per cent of the nominal share value and will be distributed to eligible shareholders on October 2, Sabic said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded.
The dividend will be distributed to shareholders “who own the company shares on the eligibility date and enrolled in the company's register at Securities Depository Centre Company (Edaa) by the end of the second trading day following the due date, corresponding to September 11, 2022”, the company said.
Sabic is majority-owned by the world’s largest oil-exporting company, Saudi Aramco, which acquired a 70 per cent stake in the company in 2020 for $69bn.
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