SABIC shareholders to discuss H2-2014 dividend proposal in April

Shareholders at Saudi Basic Industries Corporation (SABIC) will discuss the board's recommendation to issue a cash dividend at 30 percent of par value, or SAR 3 per share, for the second half of 2014 on April 12.

The second-half dividend will total SAR 9 billion, and will be distributed to eligible shareholders on April 22.

The company had earlier approved a cash dividend of SAR 7.5 billion, or SAR 2.5 per share, for the first half of 2014. This takes the full-year dividend to SAR 16.5 billion, or SAR 5.5 per share at 55 percent of par value.

In its upcoming general assembly meeting, shareholders will review the board's report, as well as audited financials and accounts closed as of Dec. 31, 2014.

SABIC will also select an external auditor for this fiscal year.

The company will also discuss the remuneration of SAR 1.8 million (SAR 200,000 for each member), the dismissal of some board members, and the carry-forward of remaining net profit.