SABIC plans $1.2mn cash dividend for H2 of 2020

By Backend Office, Desk Reporter
SABIC
Representational Image

Saudi Arabia’s multinational chemical manufacturing company, Saudi Basic Industries Corp. (SABIC), has planned to distribute $1.2 million in cash dividends to its shareholders.

As per the stock market filing the company made, SABIC board members have recommended the payout for the second half of the year and the date of the distribution of dividend is not yet fixed.

According to SABIC’s statement, nearly three billion shares will be eligible to receive the dividend, equivalent to $0.4 per share. The proposed dividend represents 15 percent of the share’s nominal value.

“The eligibility of cash dividend will be to shareholders who own the company shares on the eligibility date and enrolled in the company’s register at the Securities Depository Centre for Company (Edaa) by the end of the second trading day of the day of the General Assembly of the company, which will be announced later,” the firm said in its stock market filing.

SABIC also advised that when paid to non-resident investors the dividend will be subject to a 5 percent withholding tax and this is according to the provisions of Article (68) of the Income Tax Law and Article (63) of its implementing regulations.

During the nine-month period which ended on September 2020, SABIC turned to net losses of $581 million when compared to the net profits of $1.6 billion last year.

Saudi Basic Industries Corp (SABIC)

The world’s fourth-largest petrochemical company, SABIC is currently under the ownership of the oil giant Saudi Aramco, after completing its 70 percent share acquisition in June 2020. The Riyadh-based firm is active in petrochemicals, chemicals, industrial polymers, fertilizers and metals.

YOU MAY LIKE