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 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Lynda Kelly
Suominen Corporation

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

Marten Alkhagen
Swerea IVF AB

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

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

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search