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Wed 25 Apr 2007 01:23 PM

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Saudi Saptco dividends approved

Shareholders agree issue of one free share for every four held and a $0.19 dividend.

Shareholders of Saudi Public Transport Co. (Saptco) have approved a bonus share issue of one free share for every four held and a 0.7-riyal ($0.19) dividend for 2006, the company said on Wednesday.

The bonus share issue will raise Saptco's capital to 1.25 billion riyals, it said in a statement on the Saudi bourse website. Shareholders voted on the dividends at an annual general assembly meeting on Tuesday.

The firm paid a dividend of 0.6 riyals for 2005. Saptco made a net profit of 315.1 million riyals in 2006, up more than 150% compared with the year earlier.

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