Riyadh –  The shareholders of Rabigh Refining and Petrochemical Company (Petro Rabigh) have agreed to increase its capital to SAR 16.71 billion from SAR 8.76 billion.

Petro Rabigh will offer a SAR 7.95 billion rights issue, equivalent to SAR 10 per share, according to a bourse disclosure on Thursday.

The new capital will be distributed over 1.67 billion shares, higher by 795 million shares than 876 million shares prior to the hike.

Through the capital raise, the Saudi listed firm aims to repay loans due to the founding shareholders and secure partial repayment of its equity bridge loans.

The shareholders granted their approval for the 90.75% capital increase during the extraordinary general meeting (EGM) that was held on Wednesday, 8 June.

It is worth noting that the Capital Market Authority (CMA) has given its green light for Petro Rabigh’s capital hike last April.

In the first quarter (Q1) of 2022, the company reported net profits after Zakat and tax worth SAR 725 million, an annual growth of 11.71% from SAR 649 million.

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