SABIC's General Assembly held a meeting recently under the chairmanship of Prince Saud Ibn Thenayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, and Chairman of the SABIC Board of Directors. The General Assembly approved payment of SR 9 billion in dividends to shareholders, at SR 3 per share for its operations in 2008. The company had distributed dividends to shareholders for the first half of 2008, at SR 1.75 per share. Eligibility of the 2nd half of dividends at SR 1.25 shall be for shareholders listed on Tadawul (Saudi Stock Exchange) records as at the end of trading on the date of the General Assembly's meeting. The General Assembly also approved the Board of Directors' report for the fiscal year ending December 31, 2008; the SABIC final accounts and auditors' report for the same fiscal year; the Board of Directors' remunerations for the fiscal year; holding the Board of Directors free from any liabilities for the same year; allocation of 10% from profits to the statutory reserve; addition of remaining profits to the general reserve; approval of the recommendation of the audit committee for the selection of an external auditor to audit SABIC's 2009 quarterly and annual accounts; approval to determine the fees for the independent auditor for the fiscal year 2009, and to provide legal guarantee to the Saudi Industrial Development Fund in exchange for the loan granted to Ma'aden Phosphate Company not exceeding SABIC's share in Ma'aden's ownership and the approval of the scope of the work of nominations and remunerations. --MORE
