Saudi Cement Rises to Highest Since 2008 on Dividend Payments

Saudi Cement Co. (SACCO) rose to the highest level since July 2008 after Saudi Arabia’s largest producer of the building material by market value recommended paying a better-than-expected second-half cash dividend.

The shares gained 5.1 percent to 77 riyals at 11:59 a.m. in Riyadh. They earlier rose as much as 7.2 percent.

The board of the Dammam, Saudi Arabia-based company proposed a second-half dividend of 4.5 riyals a share after paying 2 riyals for the first six months, it said in a statement after the market closed yesterday. The company paid a dividend of 4 riyals in 2010, 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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