Saudi Telecom Jumps Most Since 2014 After Boosting Its Dividend [Financial Post (Toronto, Ontario, Canada)]
Telefonica SA (TEF)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Shares in Saudi Arabia's top telecom company rose the most in almost a decade after the company announced plans to boost quarterly dividends and said it may consider handing over more money to investors via special payments. Saudi Telecom Co. jumped more than 9.9% at the start of trading on the Saudi stock exchange on Sunday, its biggest intraday move since 2014. The stock climbed after STC, as the company is known, said it will pay a dividend of 0.55 riyals (15 US cents) per share every quarter for the next three years, starting in the final three months of 2024. That raises the annual cash dividend program by 37.5% and is reflective of the company's “solid financial position.” Saudi Telecom also said it may consider paying special dividends after assessing its financial position, future outlook, strategic investments, and capital expenditure n
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