Petro Rabigh: SR390.4 mln Total Proceeds from Sale of Unsubscribed Shares

Rabigh Refining and Petrochemical Co. (Petro Rabigh) announced on Tuesday the results of the rump offering and the final allocation of Rights Issue shares. By the end of the rump offering period, the shares bid for amounted to 1,649.68% and the entire rump shares of 23,114,961, inclusive of fractional shares, were sold fully.

The company indicated that the number of shares sold amounted to 23114961, and the total return from the sale of unsubscribed shares amounted to SR390,440,072.10, while the fractional shares amounted to 52,994 shares, and the average selling price of the sold shares was SR16.89.

The company stated that the net amount of compensation attributable to the owners of the rights of priority and fractional shares is SR159,290,462.10.

It also added that the date of depositing the shares in the shareholders’ accounts will be in 06-07-2022

The Company will receive the aggregate offer price collected from the rump offering. The proceeds exceeding the offer price, if any, will be distributed to those entitled to it at latest on Sunday (17/7/2022).

The Company clarified that the reason for the change in the number of rump shares from 22,642,745 shares, which was disclosed in the Company’s announcement on the Saudi Exchange on 29-06-2022, to a number of rump shares offered inclusive of fractional shares amounting to 23,114,961 shares is due to the adjustment of the number of rump shares after the completion of reconciliation process with the actual subscribed shares as per the statement of the Lead Manager.