Monday, 29 May 2023 11:00 GMT

Saudi's Petro Rabigh presents rights issue to stockholders

(MENAFN) Saudi Arabia’s Rabigh Refining and Petrochemical firm (Petro Rabigh) has received a support from the kingdom's Capital Markets officials to rise its entire stake capital via an offered rights issue deal.

On Wednesday, the firm stated in an announcement that the rights issue is going to be presented to current stockholders via the issuance of over 795 million new stocks at an offer value of 10 Saudi riyals (USD2.7) a stock.

It is going to be agreed on through an upsurge in the firm’s stock capital by over 7.9 billion riyals (nearly USD2.1bn), surging the share capital to more than 16.7bn riyals (around USD4.4bn) from almost 8.8bn riyals (about USD2.3bn).

Petro Rabigh stated that it is going to hold a surprising general conference to seek stockholders’ agreement on the deal.


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