Petro Rabigh Submits Application File to Reduce Capital, then Increase it

Rabigh Refining and Petrochemical Company (Petro Rabigh) announced on Monday that it had submitted an application for approval to reduce the capital by an amount of SR1, 205,103,000, and then increase the company’s capital by offering rights shares with a total value of SR7, 950,000,000 to the Saudi Capital Market Authority on 09.01.2022.

This comes with reference to Rabigh Refining and Petrochemical Co. (the “Company”) announcement on 07.12.2021 on the Saudi Exchange’s website relating to the amendment made to the board’s recommendation to increase the capital by way of a rights issue offering such that the recommendation is to decrease the Company’s capital with a total value of SR1,205,103,000 and to increase the Company’s capital by way of a rights issue offering with a total value of SR7,950,000,000.

The company indicated that the capital decrease and increase are subject to the applicable regulatory approvals, including the approval of the Company’s extraordinary general assembly.

The Company will announce any material developments as required by applicable rules, the company concluded.