Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) announced that, as per the recommendation of board of directors to increase the company’s capital through a rights issue, increasing the capital through a rights issue worth SAR 2.224 billion to SAR 9.259 billion, from SAR 7.035 billion.
The company based its decision on the announcement today regarding the latest developments of Rabigh Project (Phase II), changing the schedule of the project, the project cost increase by approximately SAR 1billion, and the current world economic situation.
The capital raise is pending securing required approvals from concerned parties and the extraordinary general meeting, it added.
