Advanced Petrochemical Co Ltd : > Advanced board of director decided to recommend for distributing cash dividend for the second half of 2011
December 20, 2011 at 07:10 am EST
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20/12/2011
Advanced board of director
decided to recommend for distributing
cash dividend for the second half of
2011 and also to increase the
company's capital through the
issuance of bonus shares:
Advanced board of director decided in
their meeting on Sunday 23rd of Muharam
1432 corresponding to 18th of December
2011 to distribute in accordance to the
recommendation of the company's
non-regular general assembly meeting a
SR 141.37 million cash dividends which
equals to SR 1 dividend per share for
the second half of year 2011.
Also, Advanced board of director
recommended to increase the
company's capital from
SR1,413,750,000 to SR 1,639,950,000,
therefore shares will increase from
141,375,000 to 163,995,000 shares with
an increase of 16% which equals to 1
share per 6.25 shares for those who own
company's shares.
Cash Dividends and bounce shares will
be distributed to all shareholders
register in Tadawul by the end of the
day the general assembly meeting will
be held and after the approval of the
competent authorities.
Therefore, the total cash dividends for
fiscal year ending 31 December 2011 is
SR 282.7 million which is equivalent
(SR 2) per share.
The Chairman of Board Mr. Khalifa bin
Abdullatif Al-Mulhim stated that the
reasons behind the increase in the
company's capital are because of the
feature and expansion projects.
And he added that during the board
meeting, the board looked through the
performance of the company during the
year of 2011 and also approved the
company budget for year 2012.
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Advanced Petrochemical Co SJSC (ADVANCED) is a Saudi Arabia-based joint stock company that operates in the chemicals and petrochemicals sectors. The Company is primarily engaged in the manufacture of polypropylene, which is crystalline thermoplastic and one of the members of the polyolefin family, and Petrochemicals, which are chemicals made from petroleum and natural gas, such as olefins (ethylene, propylene and butadiene), aromatics (benzene, toluene and xylenes), and methanol. In addition, the Company also produces petrochemical intermediates, such as Vinyl acetate for paint, paper and textile coatings; Vinyl chloride for polyvinyl chloride (PVC), Resin manufacture; Ethylene glycol for polyester textile fibers, and Styrene, which is used in rubber and plastic manufacturing. The Company offers its products for a range of industries include automotive, consumer product, health care, packaging, and textile.
ADVANCED PETROCHEMICAL COMPANY 
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