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Qassim Cement Surges to Three-Year High After Raising Dividend

Feb. 14 (Bloomberg) -- Qassim Cement Co. surged to the highest level in more than three years after the Saudi producer of the building material increased the size of its cash dividend.

The shares rallied 4.6 percent to 79.5 riyals, the highest intraday level since July 2008, at 11:40 a.m. in Riyadh.

The company’s board proposed paying a second-half dividend of 3.5 riyals a share, Qassim said in statement to the bourse today. This would take the full-year dividend to 5.75 riyals a share, up 15 percent from the previous year, it said.

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

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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