SIIG’s shareholders approve 5% cash dividend for 2017

The ordinary general assembly of the Saudi Industrial Investment Group’s (SIIG) approved on Tuesday a five percent cash dividend (SAR 0.50 per share) for fiscal year 2017, the firm said in a statement on Tadawul.

Shareholders also approved the company’s financial statements, auditor’s and board of directors' report, as well as board remunerations of SAR 1.8 million.

Shareholders approved and renewed deals and contracts signed with subsidiary Jubail Chevron Phillips Co. Ltd. (JCP) and Arabian Chemical Company Latex Ltd for another year, as board member Hatem Ali Aljuffali is a related party. Last year’s deals were valued at SAR 36.5 million.

The general assembly also approved deals and contracts with subsidiary National Petrochemical Company (Petrochem) for a new year as chairman Hamad S. AlSayari and managing director Suliman M. Al-Mandeel are related parties. Transactions for 2017 amounted to SAR 3.2 million.

SIIG owns a 50 percent stake in JCP and Petrochem, each.

The shareholders authorized the board of directors to pay semi-annual or quarterly dividends in 2018, and set the record and payment dates, according to the company’s financial position.

They approved the appointment of the new board of directors for the three-year term as of July 1.