Petro Rabigh shareholders to vote on SAR 7.95 bln rights issue on June 8

18/05/2022 Argaam

Logo of Rabigh Refining and Petrochemical Co. (Petro Rabigh) 

Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) shareholders will vote on capital increase by 90.75% through offering a SAR 7.95 billion rights issue, during the extraordinary general meeting (EGM) slated for June 8, according to a bourse statement. 

 

Capital Hike Details

Current Capital

SAR 8.760 bln

Number of Shares

876 mln

Capital Hike (%)

90.75%

Capital after Increase

SAR 16.71 bln

Number of Shares after Increase

1.671 mln

 

Rights Issue Details

Number of Shares Offered

795 mln

Offering Price Per Share

SAR 10

Size of Issue

SAR 7.950 bln

Eligibility Ratio

Registered shareholders will be granted 0.9075 right for every share held

Record Date

Shareholders of record by the close of trading on the second day following the EGM date

Reason

Boosting the financial solvency and reducing the lending rates and costs incurred
 

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