Petro Rabigh says no updates on capital hike

02/01/2018 Argaam

 

Rabigh Refining and Petrochemical Co. (Petro Rabigh) on Tuesday said 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 added in a statement to Tadawul.

 

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

 

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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