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.
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Capital Hike Details |
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Current Capital |
SAR 8.760 bln |
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Number of Shares |
876 mln |
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Capital Hike (%) |
90.75% |
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Capital after Increase |
SAR 16.71 bln |
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Number of Shares after Increase |
1.671 bln |
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Rights Issue Details |
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Number of Shares Offered |
795 mln |
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Offering Price Per Share |
SAR 10 |
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Size of Issue |
SAR 7.950 bln |
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Eligibility Ratio |
Registered shareholders will be granted 0.9075 right for every share held |
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Record Date |
Shareholders of record by the close of trading on the second day following the extraordinary general meeting date |
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Rights Issue Proceeds |
Repaying the loans owed to founding shareholders through capitalizing the due amounts |
SAR 5.962 bln |
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Partial repayment of equity loan agreements |
SAR 1.927 bln |
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Estimated offering costs |
SAR 60 mln |
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Special Information |
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Financial Advisor and Lead Manager |
HSBC Saudi Arabia |
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Underwriters |
HSBC Saudi Arabia, Riyad Capital, Alinma Investment, GIB Capital, SNB Capital, ANB Invest, Banque Saudi Fransi, AlJazira Capital |
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