Eastern Cement company’s board of directors (BoD) will propose to the EGM the distribution of SAR1.50 dividend per share for full year 2016, or SAR129mn in total cash, versus SAR2.50 in full year 2015, implying a payout ratio of 55% (65% in FY15) and yield of 5%.
The EX date for the cash dividends will be by the end of the trading day of the EGM, which will be held on 10 April 2017
Eastern Cement: SAR30.20 as of 7 Mar. 2017, Rating: Neutral, TP: SAR33.20/share, MCap: USD693mn, EACCO AB/3080.SE