Petro Rabigh names HSBC Capital as advisor on rights issue

Rabigh Refining and Petrochemical Co. (Petro Rabigh) has appointed HSBC Capital as financial advisor to manage its rights Issue, effective Dec. 22, 2016, the company said in a statement on Tadawul Wednesday.

The company’s board of directors on April 13, 2015 recommended a capital increase through a rights issue.

Petro Rabigh previously said the capital increase would be SAR 7.04 billion, but revised it to SAR 9.26 billion, which aims to cover the cost of Rabigh Project (Phase II), Argaam reported.

Petro Rabigh is a 50-50 joint venture between Japan’s Sumitomo Chemicals and state-owned energy firm Saudi Aramco.