Petro Rabigh shareholders approve SAR 7.95 bln rights issue

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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Petro Rabigh board recommends 13.76% capital decrease, SAR 7.95 bln rights issue

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