Saudi Chemical Co. approves dividend for FY16

Saudi Chemical Co.’s board has approved a recommendation to issue a cash dividend at 15 percent of capital, or SAR 1.5 a share, totaling SAR 94.9 million for 2016, the company said in a bourse statement.

Shareholders also decided to stop carrying over 10 percent of net earnings for statutory reserve once it is equal to 50 percent of capital.

The board of directors’ report, an audit report, and consolidated financial statements for 2016 were also approved.

The decision came in a vote during the company’s extraordinary general meeting (EGM) on April 20.

Shareholders also discharged board members from liability associated with their activities in 2016, and selected an external auditor for 2017.

During the meeting, shareholders endorsed SAR 1.8 million in board bonuses for 2016.