عمومية بترو رابغ توافق على زيادة رأس المال عن طريق طرح خاص على المساهمين المؤسسين

Petro Rabigh shareholders approve SAR 5.26 bln capital hike

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% (SAR 5.26 billion) and allocate to founding shareholders Saudi Arabian Oil Company (Saudi Aramco) and Sumitomo Chemical Company Ltd.

 

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According to a statement to Tadawul, a part of the proceeds will go to repay phase two project facilities and bridge loans, in order 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 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

Use of Proceeds

SAR 3.68 bln to partially repay phase two project facilities amounting to SAR 1.58 bln to partially repay bridge loans
 

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.

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