Riyadh - Mubasher: The extraordinary general meeting (EGM) of Saudi Chemical approved the cash dividends distributed for the first half of 2016.

The company distributed dividends at SAR 1.5 per share or 15% of capital, totalling SAR 94.86 million, according to a bourse filing on Sunday.

The meeting also agreed on mandating the board to pay interim cash dividends for fiscal year 2017.

The Saudi-listed firm decided to stop retaining 10% of the net profits to form a statutory reserve once it reaches half of the capital.

Moreover, the EGM gave a nod to the board's and auditors’ reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.