Logo ofRabigh Refining and Petrochemical Co.
Rabigh Refining and Petrochemical Co.shareholders approved, during the extraordinary general meeting (EGM) held on Sept. 29, the board’s recommendation to increase capital by 31.5%, or SAR 5.26 billion, to be allocated for founding shareholders Saudi Arabian Oil Company (Saudi Aramco) and Sumitomo Chemical Company, Limited. 
According to a statement to Tadawul, the proceeds will be used to partially repay phase two project facilities and bridge loans, as part of efforts to reduce the company’s debt levels in line with its capital restructuring strategy.
Any preemptive rights of existing shareholders to subscribe to the new shares will be suspended according to the shareholders’ decision.
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 bln 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
To be used to partially repay phase two project facilities and bridge loans, as part of efforts to reduce the company’s debt levels in line with its capital restructuring strategy.
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
Proceeds to be used for
Partially repay phase two project facilities amounting to SAR 3.68 bln
Partially repay bridge loans SAR 1.58 bln
The EGM authorized the board to take all necessary actions related to the capital increase, the issuance of Class B ordinary shares, and the subscription agreement.
Logo ofRabigh Refining and Petrochemical Co.
Rabigh Refining and Petrochemical Co.shareholders approved, during the extraordinary general meeting (EGM) held on Sept. 29, the board’s recommendation to increase capital by 31.5%, or SAR 5.26 billion, to be allocated for founding shareholders Saudi Arabian Oil Company (Saudi Aramco) and Sumitomo Chemical Company, Limited.
According to a statement to Tadawul, the proceeds will be used to partially repay phase two project facilities and bridge loans, as part of efforts to reduce the company’s debt levels in line with its capital restructuring strategy.
Any preemptive rights of existing shareholders to subscribe to the new shares will be suspended according to the shareholders’ decision.
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 bln 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
To be used to partially repay phase two project facilities and bridge loans, as part of efforts to reduce the company’s debt levels in line with its capital restructuring strategy.
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
Proceeds to be used for
Partially repay phase two project facilities amounting to SAR 3.68 bln
Partially repay bridge loans SAR 1.58 bln
The EGM authorized the board to take all necessary actions related to the capital increase, the issuance of Class B ordinary shares, and the subscription agreement.
