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.
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