MOSCOW (MRC) -- LyondellBasell has announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of USD0.85 per share, representing a 9% increase from the company's first quarter 2016 dividend, said the producer in its press release.
The interim dividend will be paid June 7, 2016 to shareholders of record May 24, 2016, with an ex-dividend date of May 20, 2016.
The company also announced that at its Annual General Meeting, shareholders approved a new share repurchase program authorizing the company to repurchase up to 10% of the company's shares over the next 18 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.
"Because of our disciplined approach we have returned more than USD21.6 billion to our shareholders through dividend payments and share repurchases over the past five years," said Bob Patel, LyondellBasell CEO and chairman of the management board. "Our increased dividend and new share repurchase program demonstrate our focused commitment to return value to our shareholders."
As MRC informed previously, on 17 May 2016, LyondellBasell declared a force majeure on linear low density polyethylene (LLDPE) following unexpected mechanical issues at plants in Texas and Illinois. The company said it experienced mechanical difficulties at its plants in La Porte, Texas, and in Morris, Illinois. The nature of the mechanical issues was not clear. The La Porte plant has an annual LLDPE capacity of 355,166 mt/year and the Morris facility has an annual LLDPE capacity of 295,292 mt/year.
LyondellBasell is one of the world’s largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell manufactures products at 57 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.