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

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

Indian minister urges apparel industry for dumping data

Textiles | On 22nd Jan 2018

Indian minister urges apparel industry for dumping data

Indian textiles minister Smriti Irani recently urged the apparel...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

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

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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

Active Poll

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

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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