Saudi Telecom Co (STC) plans to pay a minimum quarterly dividend of 1 riyal per share for three years from the fourth quarter of 2015 onwards, the operator said on Wednesday adding payments could be higher depending on its performance.
The plan remains subject to shareholder approval, the former monopoly said in a bourse statement. The government owns a controlling stake in STC.
As well as the minimum 1 riyal ($0.2667) per share quarterly payout, additional dividends are likely to vary based on STC's financial situation, outlook and capital expenditure requirements, the statement added.
Since the third quarter of 2014 onwards, STC has paid dividends of 1 riyal per share each quarter, Reuters data shows. But from mid-2009 to the period ending June 30, 2014, the company's quarterly dividends were less than 1 riyal per share.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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