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Petro Rabigh shareholders to vote on SAR 7.95 bln rights issue on June 8
AI Summary
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 |
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Rights Issue Details |
|
|
Number of Shares Offered |
795 mln |
|
Offering Price Per Share |
SAR 10 |
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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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