Petro Rabigh secures over $104mln from rump offering

The new rights issue shares will be deposited into the eligible shareholders’ accounts on Wednesday, 6 July

Staff Writer, Mubasher

July 5, 2022

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Riyadh – Rabigh Refining and Petrochemical Company (Petro Rabigh) has sold 23.11 million shares representing the remaining unsubscribed rights shares for SAR 390.44 million.

The average price of the sold shares stood at SAR 16.89 per share, while the net compensation for right issues and fraction shares owners reached SAR 159.29 million, according to a bourse filing on Tuesday.

Meanwhile, the new rights issue shares will be deposited into the eligible shareholders’ accounts on Wednesday, 6 July this year.

During the January-March 2022 period, Petro Rabigh generated SAR 725 million in net profit after Zakat and tax, an annual growth of 11.71% from SAR 649 million.

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