Aramco aims to raise SATORP’s capital to SAR 8.25 bn

Arabian Aramco Total Services Company announced the decision of both Saudi Aramco and Total Refining & Chemicals Saudi Arabia S. A. S., sole partners of the Saudi Aramco Total Refining and Petrochemical Company (SATORP), to raise the capital of SATORP from SAR 7.13 bn to SAR 8.25 bn.
 

 The number of shares will be increased accordingly by 112.5 mn shares without changing the ratios of the partners’ stakes.

The Company stated today on Tadawul, that the increase of SAR 1.13 bn will be paid in cash in accordance with the ownership ratio of each partner in SATORP capital (Saudi Aramco 62.5% and 37.5%Total Refining and Chemicals Saudi Arabia S.A.S.).

The capital raise is intended to finance the project as planned and SATORP will continue capital raise procedures with the Ministry of Commerce and Industry, the company added in its statement.