SABIC's General Assembly held recently a meeting under the chairmanship of Prince Saud bin Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of the SABIC Board of Directors, at SABIC headquarters in Riyadh. The General Assembly approved payment of SR 3 cash dividends per share for its operations in 2007. The General Assembly also ratified increasing the company's capital to SR 30 billion by granting one share for each five shares. The shareholders on 'Tadawul' records as of the end of trading on the date of the General Assembly meeting will be eligible, according to a report carried by SABIC's website. The General Assembly also approved the agenda including the Board of Directors' report; SABIC's final accounts and auditors' report for the fiscal year ending December 31, 2007; the Board of Directors' remunerations; holding the Board of Directors free from any liabilities; upgrading of the corporate audit committee's system; recommendation of the audit committee for the selection of an external auditor to audit SABIC's quarterly and annual accounts; and approval to determine the fees for the independent auditor for the fiscal year 2008. In addition, the General Assembly endorsed amendment of some of the Corporate Articles of Association, namely, Articles 4, 6, 30 and 52. --MORE
