Aramco vows commitment to distribute $75 bln in 2020

Saudi Aramco vowed its commitment to distributing sustainable and growing dividend to its shareholders despite the uncertainty in crude oil prices.

The board of directors intends, in accordance with its discretion based on a number of factors, to declare a minimum annual cash dividend of $75 billion in FY 2020 in addition to any potential private profits.

If the company's board of directors decides to distribute quarterly cash dividend during the period from fiscal year 2020 to fiscal year 2024 and these profits are less than $0.09375 per share (considering that the capital will be 200 billion shares), the government will waive its right to obtain a portion of the dividend payable to its shares up to the amount necessary to enable the company to pay the minimum interim dividend described above to non-government shareholders.

The remaining amount of interim dividend available for distribution - which the board has determined at its discretion - will be paid to the government, thereafter.

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