‎Petro Rabigh issues prospectus for SAR 7.95 bln rights issue

‎Petro Rabigh issues prospectus for SAR 7.95 bln rights issue

Rabigh Refining and Petrochemical Co. (Petro Rabigh) announced today, May 18, the issuance of prospectus for its capital increase through a SAR 7.95 billion rights issue.

The company plans to increase its capital by 90.75% from SAR 16.71 million to SAR 8.76 billion by offering 795 million shares at a nominal value of SAR 10 each.

In April, the Capital Market Authority (CMA) approved the request submitted by Petro Rabigh to increase its capital through a rights issue worth SAR 7.95 billion, Argaam reported.

Saudi Arabian Oil Co. (Aramco) and Japan’s Sumitomo Chemical Co., which own 37.5% each of Petro Rabigh’s capital, fully subscribed to their stake of 596.35 million shares, which represents 75% of the right issue.

The subscription will be financed through capitalizing SAR 5.962 billion of the amounts owed by the company to founding shareholders, under the shareholders' loan agreement for the Rabigh 1 project.

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