Sabic Gains Most in Two Weeks After Announcing Cash Dividend

Saudi Basic Industries Corp. (SABIC) rose the most in almost two weeks after the world’s largest petrochemicals company proposed paying the highest annual cash dividend since 2005.

The shares advanced as much as 2.4 percent, the most since Dec. 5, to 96 riyals, before trading at 95.50 riyals at 11:30 a.m. in Riyadh.

The board of the Riyadh-based company recommended a second- half dividend of 3 riyals a share after paying 2 riyals for the first six months, it said in a statement today. That made the 2011 cash dividend the company’s highest since 2005, according to data posted on the Saudi bourse website.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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