OCI NV Announces €3.55 Per Share Cash Distribution with respect to H1 2022
11 July 2022
OCI N.V. (Euronext: OCI) today announced it proposes a semi-annual cash distribution with respect to H1 2022 of €3.55 per share (or c.$760 million at current exchange rates consisting of a $200 million base return of capital and a variable element), to be paid to its shareholders in October.
In line with the company’s guidance given during the Q1 results publication, this is significantly higher than the semi-annual cash distribution of €1.45 per share with respect to the period H2 2021 (paid in June 2022).
OCI is convening an extraordinary shareholders meeting (EGM) on 19 August 2022 to request for shareholder approval for the H1 2022 distribution of €3.55 per share through a repayment of capital, resulting in a distribution to shareholders scheduled for October, subject to a statutory two-month creditor opposition period. The convening notice and other materials can be found on our website at www.oci.nl.
Hassan Badrawi, Chief Financial Officer of OCI N.V. commented: “The significant growth in our capital returns to shareholders is well within our financial policy parameters to maintain our Investment Grade ratings and selectively pursue attractive growth opportunities. It is reflective of a strong backdrop of our product markets and favorable position on the global cost curve. We expect record EBITDA and Free Cash Flow with strong continued deleveraging in the second quarter.”