Petro Rabigh says no updates on capital hike

02/11/2017 Argaam

Rabigh Refining and Petrochemical Co. (Petro Rabigh) said on Thursday that there are currently no updates regarding the board’s recommendation to increase capital through a rights issue.

 

Further details will be disclosed in due course, the company said in a statement to Tadawul.

 

Petro Rabigh, a 50-50 joint venture between Saudi Aramco and Japan’s Sumitomo Chemicals, named HSBC Saudi Arabia Limited in December as financial advisor to manage its rights issue.

 

The company’s board of directors had recommended a capital increase through a rights issue in 2015.

 

Petro Rabigh previously said the capital increase would be SAR 7.04 billion, but revised it to SAR 9.26 billion, aiming to cover the cost of Phase II of the Rabigh Project.

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