Independent Saba Unit

IRVINE — Saba Petroleum Co. has taken the first step toward making its Saba Petroleum Michigan Inc. unit an independently traded public company.

Saba Petroleum declared a dividend of 15% of the shares of its Saba Petroleum Michigan Inc. unit, which is about 600,000 shares. The record and distribution dates have not yet been set.

A spokesman said the unit will have its own board, independent of the parent company, and shares will initially be traded over the counter. The spokesman said he expects the unit to trade under its own symbol on the American Stock Exchange or Nasdaq by the end of the year.