Sabic raises capital

31 December 2007
Saudi Basic Industries Corporation (Sabic) plans to increase its capital by 20 per cent to SR30bn ($8bn).

The new capital will be raised by granting shareholders a bonus share for every five shares held. The board has also recommended a dividend distribution for the second half of the year of SR2 ($0.54), less than half the dividend for the first half of the year. The total dividend for the year is SR7.5 ($2.0). Sabic's share price dropped 3 per cent to SR119 ($31.9) on 30 December, the day of the capital raising and dividend announcement.

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