Home / Knowledge / News / Textiles / Saudi Basic Industries to raise capital
Saudi Basic Industries to raise capital
03
Jan '08
The Saudi Basic Industries Corporation (SABIC) Board of Directors, at its meeting on December 30, decided to recommend to the Extraordinary General Assembly, scheduled for March 2008, an increase in the company's capital from SAR 25 billion (USD6.7 billion) to SAR 30 billion (USD8 billion) by granting one bonus share for every five shares.

This will bring the total number of shares, subject to the approval of the Extraordinary General Assembly and the competent authorities, to 3 billion as against 2.5 billion, an increase of 20%.

Announcing this the SABIC Chairman, Prince Saud bin Abdullah bin Thenayan Al-Saud, who presided over the meeting, pointed out that the board also decided to recommend to the General Assembly the distribution of dividends at SAR 2 (USD0.5) per share for the second half of 2007.

This will bring the total of distributed dividends for the year to SAR 7.5 billion (USD2 billion). 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.

Prince Saud added that during the meeting the board of directors also reviewed the company's performance in 2007 and approved the company's budget and plan for 2008, which aims at strengthening its competitiveness in the global markets and achieving its strategic objectives.

Saudi Basic Industries Corporation


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X