Board of Directors at Saudi Basic Industries Corporation (SABIC), at yeaterdays' meeting, decided to recommend to the Extraordinary General Assembly, an increase in the company's capital from SAR25bln to SAR30bln by granting one bonus share for every five shares. his will bring the total number of shares, subject to the approval of the Extraordinary General Assembly (scheduled for March 2007)and the competent authorities, to 3 bln as against 2.5 bln, an increase of 20%.
The board also decided to recommend to the General Assembly the distribution of dividends at SAR2 per share for the second half of 2007. This will bring the total of distributed dividends for the year to SAR7.5 bln. Eligibility for the granted shares and cash dividends will be for the shareholders registered with Tadawul at the time of closing of trading on the day of the General Assembly.