By Olivia Bugault 
 

Solvay SA said Thursday that it is withdrawing its guidance for the year, while maintaining its final dividend for 2019.

"Due to heightened uncertainty and prolonged duration of events, the group is withdrawing its full-year 2020 guidance issued on Feb. 26," Belgian chemical company said.

Solvay said that it is maintaining its total dividend recommendation of 3.75 euros ($4.07) gross per share on the back on of its strong 2019 performance. Solvay has already distributed an interim dividend of EUR1.50 a share in January, meaning that it will lead to a final dividend of EUR2.25 a share payable in May.

The company has also launched a solidarity fund in order to support employees experiencing hardships during the coronavirus pandemic. Its senior management agreed to give 15% of their salaries to the fund for the rest of the year.

"Upon management's recommendation, the board approved and calls on all shareholders to contribute one third of their final dividend-equivalent to EUR0.75 per share-towards that fund," it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

April 09, 2020 02:42 ET (06:42 GMT)

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