BCI board recommends dividend freeze for 2021 to support expansions

Basic Chemical Industries Co.’s (BCI) board of directors recommended, on May 22, withholding cash dividends for 2021, the company said in a bourse filing.

The recommendation aims to support and strengthen the company’s financial position and expansion for the upcoming years, including construction and financing of its chlorine project in Jubail.

The proposal is pending the approval of the next general meeting, whose date will be determined after obtaining the approval of the competent authorities.

In April 2021, BCI shareholders approved the board recommendation on withholding dividend for 2020, Argaam reported.

The last dividend distributed by the company was for the first nine months of 2019 at 10%.