Southern Cement Company board of directors (BoD) proposes a cash dividend of SAR3.5 per share for 2H2015 or SAR490 million in total cash dividends. This implies DPS of SAR6.0 for full-year 2015 (10% dividend yield) as the company has distributed cash dividends of SAR2.5 per share in 1H2015, and a payout ratio of 81% for 2015 versus 67% in 2014. The full-year DPS is above last year’s, of SAR5.0 and is in line with our estimate. The EX date for the cash dividends will be by end of trading day of the AGM, which will be announced later. (Tarek El-Shawarby, Wafaa Baddour)   Southern Cement: SAR58.50 as of 18 January 2016, Rating: Neutral, FV: SAR80.50 per share, MCap: USD2,184 million, SOCCO AB / 3050.SE