Petro Rabigh issues prospectus for SAR 7.95 bln rights issue

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

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% to SAR 16.71 billion from 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.

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 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	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 extraordinary general meeting date
Rights Issue Proceeds	Repaying the loans owed to founding shareholders through capitalizing the due amounts	SAR 5.962 bln
	Partial repayment of equity loan agreements	SAR 1.927 bln
	Estimated offering costs	SAR 60 mln

Special Information
Financial Advisor and Lead Manager	HSBC Saudi Arabia
Underwriters	HSBC Saudi Arabia, Riyad Capital, Alinma Investment, GIB Capital, SNB Capital, ANB Invest, Banque Saudi Fransi, AlJazira Capital

For more IPOs

Prospectus

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