The board of directors of the International Desert Petrochemical Company Sipchem approved a dividend of 440 million riyals for the first half of the year 2019, at 60 halala per share, representing 6% of the capital.
According to Arabia Net, the company’s board of directors decided to hold the extraordinary general assembly meeting, through modern technology, to approve the purchase of 73.13 million shares of its shares and allocate them as treasury shares.
She indicated that the company's board of directors believes that the share price in the market is less than its fair value.
It also noted that the process of buying shares will be funded using cash balances or credit facilities, and authorizing the Board to complete the purchase process within 12 months from the date of the decision of the association.
The Board of Directors approved the disbursement of an amount of 4.1 million riyals in remuneration to the members of the Board of Directors for the financial year ending on 31/12/2019.
