The Board of Directors of Saudi Basic Industries Corporation (Sabic) has recommended the distribution of interim cash dividends to shareholders for the first half of 2021 amounting to SR5.25 billion ($1.4 billion) at SR1.75 ($0.46) per share.

Eligibility will be for the shareholders registered in the Securities Depository Center by the end of second trading day following the date of maturity; which will be September 19, 2021. The dividend distribution date will be on October 3, 2021.

Sabic issued a statement with the number of shares eligible for profit: 3,000,000,000 shares, while the distribution ratio to nominal value was 17.5%. The company called on its shareholders to quickly update their data and ensure that their bank account numbers are linked to their investment portfolios to ensure that their profits are deposited with their banks on the distribution day.

All the certificates they hold should be deposited in their portfolios through submission to the Securities Depository Center Company (Edaa) in Riyadh, a Sabic statement said.

The dividend paid by the company is subject to a withholding tax of 5% upon transfer to non-resident investors or credited to their bank accounts according to the provisions of Article 68 of the Income Tax Law and Article 63 of its Implementing Regulations, the statement added.

Accordingly, the company recommended that non-resident investors who have tax exemptions on dividends issued by the Zakat, Tax and Customs Authority, should communicate with the company within five calendar days from the eligibility date and to provide the company with documents supporting tax exemption. – TradeArabia News Service