Saudi Cement to distribute cash dividends of SAR2.75 per share for 1H16
Saudi Cement Co.’s board of directors (BoD) approved the distribution of SAR2.75 cash dividend per share for 1H16 or SAR420.75mn in total cash dividends, vs. DPS of SAR3.00 in 1H15. We forecast a DPS of SAR4.75 for FY16 (94% payout) lower than 2015 DPS of SAR6.0. The ex-date for the cash dividends will be by 19 June 2016, and the distribution date will be 27 June 2016. (Company disclosure, Tarek El-Shawarby) Saudi Cement: SAR63.75 as of 25 May 2016, Rating: Buy, FV: SAR75.70 per share, MCap: USD2,601 million, SACCO AB / 3030.SE
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