The company's profits eligible for distribution total $1.9 billion.
At the order of the Israel Securities Authority, Israel Chemicals Ltd. (TASE: ICL) has explained why it is distributing a $175 million dividend on its profit for the first quarter of 2009. In a notice to the Tel Aviv Stock Exchange (TASE), the company said that its profits eligible for distribution totaled $1.9 billion.
Israel Chemicals cash flow totaled $1.9 billion in 2008, and it had positive working capital of $1.39 billion at the end of December. The company's quarterly dividend policy resulted in it distributing a record $1.03 billion dividend in 2008.
Israel Chemicals believes that the criteria for distributing a dividend have been met, because there is no reasonable concern that the distribution will prevent the company from meeting its current and expected commitments on schedule.
Ofer Holdings Group subsidiary Israel Corporation (TASE: ILCO) owns 53.1% of Israel Chemicals.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2009
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