‎Petro Rabigh OKs capital hike via private placement 

Rabigh Refining and Petrochemical Co.’s(Petro Rabigh) board of directors, on Aug. 29,recommended a 31.5%, or SAR 5.26 billion, capital increase, in favor of the company’s founding shareholders, Saudi Arabian Oil Company (Saudi Aramco), and Sumitomo Chemical Co. Ltd. (Sumitomo).

Capital Increase Details

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Current Capital

SAR 16.71 bln

Number of Shares

1.67 bln

New Capital

SAR 21.97 bln

Number of Shares

1.67 billion class A ordinary shares

526.36 million class B shares

Nominal Value/Share

SAR 10 a share (both classes)

Percentage of Increase

31.5%

Reason

Boost financial position as well as operations

Method

Issuing 526.36 million ordinary shares of Class (B), representing a 31.5% increase of the company’s current capital, at an offering price of SAR 10 per share, with a total value of SAR 5.26 billion, in favor of the company’s founding shareholders, Saudi Aramco and Sumitomo

Rabigh Refining and Petrochemical Co.’s(Petro Rabigh) board of directors, on Aug. 29,recommended a 31.5%, or SAR 5.26 billion, capital increase, in favor of the company’s founding shareholders, Saudi Arabian Oil Company (Saudi Aramco), and Sumitomo Chemical Co. Ltd. (Sumitomo).

Capital Increase Details

Current Capital

SAR 16.71 bln

Number of Shares

1.67 bln

New Capital

SAR 21.97 bln

Number of Shares

1.67 billion class A ordinary shares

526.36 million class B shares

Nominal Value/Share

SAR 10 a share (both classes)

Percentage of Increase

31.5%

Reason

Boost financial position as well as operations

Method

Issuing 526.36 million ordinary shares of Class (B), representing a 31.5% increase of the company’s current capital, at an offering price of SAR 10 per share, with a total value of SAR 5.26 billion, in favor of the company’s founding shareholders, Saudi Aramco and Sumitomo