Correcting a previous statement to the Saudi bourse, Rabigh Refining and Petrochemical Co. (Petro Rabigh) said on Thursday it has named HSBC Saudi Arabia Limited as financial advisor to manage its rights issue, effective Dec. 22.
On Dec. 28, the company said HSBC Capital was appointed to advise on the planned rights issue.
In April 2015, the company’s board of directors recommended a capital increase through a rights issue, Argaam earlier reported.
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).
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