Chemanol approves dividend freeze for FY16

Methanol Chemicals Co.’s (Chemanol) general assembly approved a dividend freeze for fiscal year 2016 to support the company’s financial position and strategic plans, the company said in a bourse statement.

The petrochemical firm has distributed dividends twice since listing on the Saudi Stock Exchange in September 2008. Chemanol had paid a cash dividend of SAR 0.5 per share for fiscal year 2012 followed by SAR 0.6 per share for fiscal year 2013, according to data compiled by Argaam.