Thursday 28 March 2024
 
»
 
»
Story

Image: Bigstock. For illustration only.

PetroRabigh plans $1.9bn rights issue

RIYADH, April 13, 2015

Saudi Arabia's PetroRabigh will ask shareholders to approve raising its capital via a rights issue worth about SR7.04 billion ($1.88 billion), the company said on Monday.

PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, has yet to decide the offer price and number of shares in the rights issue and is subject to the "necessary arrovals", according to a bourse statement.

The company will use the money raised to help fund its expansion, it added.

Meanwhile,  Saudi Arabia's market regulator on Monday lifted a suspension of PetroRabigh shares after the company disclosed the rights issue plan.

Trading in PetroRabigh was suspended by the Capital Market Authority on Sunday after the company did not commit to listing rules related to "informing CMA and the public without delay on any material developments...that can affect (the) stock price," the regulator said. - Reuters




Tags: aramco | CMA | PetroRabigh |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads