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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications