“Sipchem International” shares rise to the highest level in 6 years


The share of Sahara International Petrochemical Company “Sipchem International” jumped in trading today, Thursday, by 5.42%, to reach the share price of 29.2 riyals, the highest price level since July 2015 (about 6 years).

The company announcedSipchem InternationalYesterday, Wednesday, its board of directors issued a decision to distribute cash dividends to the company’s shareholders for the first half of 2021, with a total of about 549.99 million riyals, at 0.75 riyals per share, with a distribution ratio to the nominal value of the share 7.5%.

“Sipchem International” was among the top 5 gainers in the Saudi stock market, while the main index of the market “TASI” rose 0.19%, equivalent to 20.24 points, to reach the level of 10914.44 points in the meantime.

The value of the main market trading amounted to 8.9 billion riyals, after trading about 256.17 million shares.

“Sipchem” had announced that the date of eligibility for profits shall be for the company’s shareholders who own shares at the end of trading on Wednesday, June 30, 2021 and who are registered in the company’s shareholders register at the Securities Depository Center “Depository Center” at the end of the second trading day following the due date, and the distribution date will be July 14 2021.

In a separate statement, “Sipchem International” announced, yesterday, Wednesday, its intention to stop production operations at the Gulf Factory for Advanced Cable Insulators, one of its subsidiaries, located in Jubail Industrial City.

She said that this comes in line with Sipchem’s strategy with the aim of improving profitability and performance efficiency, and to ensure levels of liquidity and stability, and to maintain the integrity of the financial structure.

She expected that the suspension of the Gulf Factory for Advanced Cable Insulators would reflect positively on the company’s results in the next phase.


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