SABIC approves SR 9 billion dividends to shareholders

Riyadh, April 18, SPA -- SABIC's General Assembly held a meeting
recently under the chairmanship of Prince Saud Ibn Thenayan Al-Saud,
Chairman of the Royal Commission for Jubail and Yanbu, and Chairman
of the SABIC Board of Directors.


The General Assembly approved payment of SR 9 billion in dividends
to shareholders, at SR 3 per share for its operations in 2008.


The company had distributed dividends to shareholders for the first
half of 2008, at SR 1.75 per share. Eligibility of the 2nd half of
dividends at SR 1.25 shall be for shareholders listed on Tadawul
(Saudi Stock Exchange) records as at the end of trading on the date
of the General Assembly's meeting.


The General Assembly also approved the Board of Directors' report
for the fiscal year ending December 31, 2008; the SABIC final
accounts and auditors’ report for the same fiscal year; the Board of
Directors' remunerations for the fiscal year; holding the Board of
Directors free from any liabilities for the same year; allocation of
10% from profits to the statutory reserve; addition of remaining
profits to the general reserve; approval of the recommendation of the
audit committee for the selection of an external auditor to audit
SABIC's 2009 quarterly and annual accounts; approval to determine the
fees for the independent auditor for the fiscal year 2009, and to
provide legal guarantee to the Saudi Industrial Development Fund in
exchange for the loan granted to Ma’aden Phosphate Company not
exceeding SABIC’s share in Ma’aden’s ownership and the approval of
the scope of the work of nominations and remunerations.

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