Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh) has received an approval from the kingdom's Capital Markets Authority to increase its total share capital through a proposed rights issue transaction.
The rights issue will be offered to existing shareholders through the issuance of more than 795 million new shares at an offer price of 10 Saudi riyals ($2.7) per share, the company said in a statement on Wednesday.
It will be carried out through an increase in the company’s share capital by more than 7.9 billion riyals, increasing the share capital to over 16.7bn riyals from nearly 8.8bn riyals.
Petro Rabigh said it will hold an extraordinary general meeting to seek shareholders’ approval on the transaction.
The timing of this transaction is important, with the rights issue taking place against a positive backdrop of improved liquidity
Othman Al Ghamdi,
president and chief executive of Petro Rabigh
The transaction is in line with its strategic objectives to improve the financial position through enhancing equity and reducing long-term liabilities, the company said.
“As a company, we have a clear strategy supported by promising performance pillars and a pipeline of opportunities in both regional and international markets,” Othman Al Ghamdi, president and chief executive of Petro Rabigh, said.
“The timing of this transaction is important, with the rights issue taking place against a positive backdrop of improved liquidity and, more importantly, a strong rebound for the company’s performance in the past year,” he added.
The rights issue will support operations by paying down a considerable sum of existing liabilities, enabling greater access to new sources of capital for the future, the company said.
Petro Rabigh was originally established as a basic topping refinery with crude oil processing facilities. However, in 2005, Saudi Aramco and Japan’s Sumitomo Chemical formed an equal joint venture to transform the business into an integrated refinery and petrochemicals complex.
By leveraging the network, knowledge, marketing and technology capabilities of its founding shareholders, Petro Rabigh has been able to create innovative specialised products that have a high demand in the regional and international market, Ibrahim Al Buainain, chairman of Petro Rabigh, said.
The company is well positioned to maintain its spot as the only regional player offering both petrochemical and refined products, he added.
“As a responsible business, our focus is, and will always remain, on long-term value creation. This transaction is an important lever that enables us to continue delivering on our strategic priorities and meet our commitments to our shareholders,” Mr Al Buainain said.
UAE currency: the story behind the money in your pockets
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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Lexus LX700h specs
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Killing of Qassem Suleimani
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
More on animal trafficking
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
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Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Mohammed bin Zayed Majlis
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
