RIYADH, 3 July — The Saudi British Bank (SABB) has announced that the distribution of interim dividends to its shareholders would commence from the current year. This follows the amendment of Article 48 of the Articles of Association for payment of dividends, and the official announcement of the initiative in February 2001.
In a press release issued by the bank, it quotes Abdullah Mohammed Al Hugail, SABB chairman, as saying: “The move which was endorsed by the Extraordinary General Meeting in March emphasized the keenness of the Board to support any action which brings benefit to its shareholders.
“However, the amount of interim dividends distributed during this half does not necessarily reflect the year-end dividends as the bank follows a conservative policy in distribution of profits as per international practices,” Al Hugail added.
SABB had posted an SR743 million profit in 2000, 12.4 percent higher than registered the previous year. During 2000, SABB had also paid a net dividend of SR13 per share in addition to the issue of a bonus share for each four shares held. In announcing the 2000 dividends, the SABB chairman commented: “The new Saudi budget statement, which projects an increase in government spending during 2001 indicates a positive economic scenario.” (J.H.)
