Saudi Basic Industries SJSC : Sabic General Assembly Approves Sar 6 Billion Dividends for Second Half of 2016

SABIC announced the results of the extraordinary general assembly meeting held at its headquarters in Riyadh on April 11, 2017, after a quorum. The general assembly approved all the agenda after the shareholders cast their votes, approving the Board of Directors report, corporate auditors report, and the final financial statements for the fiscal year ending December 31, 2016.

The general assembly approved the Board's recommendation to distribute 12 billion Saudi riyals cash dividends for the year 2016 at SR 4 per share, representing 40 percent of the nominal share value. Some 6 billion riyals has been distributed for the first half of 2016 at 2 riyals per share, representing 20 percent of the nominal share value. Eligibility for the second half of profits, 6 billion riyals at 2 riyals per share, representing 20 percent of the nominal share value, will be for the shareholders registered in the Securities Depository Center by the end of trading on the day of the assembly meeting. Payment of dividends will be on April 23, 2014.

The general assembly approved to pay 1.8 million riyals as remuneration for the Board of Directors - 200,000 riyals per member - for the fiscal year ending December 31, 2016. The assembly also approved to discharge the members of the Board of Directors for the fiscal year ending December 31, 2016. It also approved the recommendation of the Audit Committee on the reassignment of Ernst & Young as an external auditor to review the quarterly financial statements and corporate annual reports, and their fees, for the fiscal year 2017.

The general assembly approved the Board of Directors recommendation to assign Mohammed Al-Nahas as a board member, representing AI-Raidah Investment Company (wholly-owned by the Public Pension Agency) to complete the remaining term of the current session in place of Mohammad Al-Khurashi, who resigned from the Board of Directors on September 20, 2016. The assembly approved to amend the company's Articles of Association in line with the new companies law and approved the remuneration policy for members of the Board of Directors, committees, and senior executives.

The general assembly approved the Audit Committee formation and bylaw (including tasks, regulations, members remuneration), and approved the nominees for membership of the Committee, namely: Dr. Khaled Nahas (Board member), Abdullah Al-Issa (Board member), Abdulaziz Al-Habdan (Board member), Dr. Abdulrahman Al-Humaid (independent member), Dr. Khalid Al-Fadagh (independent member). Their membership will commence on the date of the general assembly's approval and will continue until the end of the current Board session on April 10, 2019.

The general assembly approved the bylaw of the Nomination and Remuneration Committee, the Board of Directors membership policy, the company's Corporate Social Responsibility policy. It also delegated the Board of Directors to distribute interim cash dividends for the fiscal year 2017 and determine the eligibility and distribution dates in line with the Capital Market Authority (CMA) regulations and procedures.

ENDS
Hisham Al-Joher
Director, Global Media and Internal Communications