Sabic’s Extraordinary General Assembly has approved an increase of corporate capital to SR25 billion by distributing one share for each four shares held.

The meeting approved cash dividends of SR23 per share to shareholders (prior to the share split decision) for Sabic’s operations in the 2005 fiscal year. The total dividends distributed in the fiscal year amounted to SR9.2 billion. The company had distributed SR3.2 billion in dividends for the first half of 2005, at SR8 per share. The total dividends distributed for the second half of 2005 were SR6 billion (SR15 per share prior to split). Payment of dividends will start May 6, 2006 to shareholders.
The general assembly was presided over by Prince Saud Ibn Thunayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu and chairman of Sabic’s board of directors.
In his remarks, Prince Saud said Sabic’s sound financial position and its integral relations with the national production sectors would help it gradually replace imported goods. Sabic’s efforts have substantially contributed to the overall national development programmes and strengthened its contribution in the kingdom’s balance of trade and the national balance of payments. 
Mohammed Al-Mady, Sabic managing director and CEO, said Sabic’s great success would not be a cause for any slowdown or slackening of efforts. He gave the assurance that Sabic’s expansion projects were on track to increase the company’s total annual capacity to 64 million tonnes by 2008.