Saudi Arabian Cement Co to vote US$80m Dividend Feb 27, 2008

Saudi Arabian Cement Co to vote US$80m Dividend Feb 27, 2008
Published: 01 February 2008

Saudi cement producer  Arabian Cement Company (ACC) has called an ordinary general meeting for February 27, 2008, which is to approve the board’s proposal for a SAR300m (US$80m) cash dividend for 2007.  
 
The company has already distributed SAR60m (US$16m), equal to 1.0 riyal (US$0.27) per share as dividend for the first half of 2007, and is to approve the distribution of SAR240m (US$64m), or SAR3.0 (US$0.8) per share for the second half of 2007.  
 
In mid-December 2007, ACC said it plans to establish a new cement plant in Saudi Arabia in cooperation with an unnamed foreign investor. The new cement plant is one of the projects in ACC’s expansion programme, under which the company will also boost annual cement and clinker capacity and acquire a 36 pct stake in Jordan sector company  Ready Mix Concrete and Construction Supplies (RMCCS) for SAR143m ($38.2m).