The Ordinary General Assembly of the National Petrochemical Company (Petrochem) approved the distribution of cash dividends of 5% of the capital (by 0.50 riyals per share) for the fiscal year 2019. p>
According to ArabiaNet, the company said in a statement that the company also agreed to authorize the board of directors to distribute interim dividends in a semi-annual or quarterly manner for the fiscal year 2020, and to specify the due date and disbursement according to the controls and organizational procedures issued in implementation of the corporate system, in a manner commensurate with the company’s situation Financial, cash flows and expansionary and investment plans.
The association agreed to disburse the amount of 1.6 million riyals as a reward for the members of the Board of Directors, at 200 thousand riyals for each member for the fiscal year ending on 31-12-2019.
The business and contracts that were signed between the Saudi Polymers Company (a subsidiary) and the Samba Financial Group, and a member of the Petrochem Iyad Al-Hussein board of directors, have an indirect interest in them, as Al-Hussein is a member of the board of directors of the Samba Financial Group.
It is that the Saudi Polymers Company obtained a loan in the amount of 1,500 million riyals, on March 8, 2020 AD, without preferential terms for a period of four years.
