Petro Rabigh shareholders approve SAR 7.95 bln rights issue

09/06/2022 Argaam
Logo ofRabigh Refining and Petrochemical Co.

Logo of Rabigh Refining and Petrochemical Co.

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

 

Capital Increase Details

Current Capital

SAR 8.760 bln

Number of Shares

876 mln

Capital Increase (%)

90.75%

Capital after Increase

SAR 1.671 bln

Number of Shares after Increase

1.671 bln

 

Rights Issue Details 

Number of Shares Offered 

795 mln  

Offering Price Per Share 

SAR 10 

Size of Issue 

SAR 7.950 bln 

Eligibility Ratio 

Each registered shareholder will have the right to 0.9075 right for each share held 

Record Date 

June 8, 2022, 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 
 

The Saudi Exchange (Tadawul) announced that the fluctuation limits for Petro Rabigh today, June 9, will be based on a share price of SAR 18.92, and the outstanding orders will be canceled.

 

Additionally, the Securities Depository Center (Edaa) will deposit rights into investor portfolios by June 13.

 

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