Through the sheer scale of its ambition, Vision 2030 has been able to mobilize companies across sectors to join forces and play their part in realizing the country’s future-focused goals.
Petro Rabigh, a world scale integrated refinery and petrochemicals complex, jointly founded by Saudi Aramco and Sumitomo, is one such company. It is leading the charge in expanding the petrochemicals sector in the Kingdom, fostering job creation and harnessing talent.
Today, this national champion stands at an inflection point as it builds on the momentum of sustained growth and looks ahead to a positive journey.
Petro Rabigh (or the “Company”) is a world-scale, fully integrated refining and petrochemicals facility established in 2005 through a joint venture with Saudi Aramco and Sumitomo Chemicals. The Company listed 25% of its share capital through an Initial Public Offering on the Saudi Stock Exchange in 2008.
The Rights Issue is very much in line with Petro Rabigh’s strategic objectives. The rationale behind the transaction is to enable the Company to improve its equity position, increase its share capital, and bring down debt levels, and ensure that the Company is well-positioned to meet its objectives.
The Rights Issue will be carried out through an increase in Petro Rabigh’s share capital by SAR 7.95 billion, increasing the share capital to SAR 16.71 billion from SAR 8.76 billion.
Petro Rabigh will hold an Extraordinary General Meeting (“EGM”) where the Company will seek shareholders’ approval on the Transaction.
Shareholders who are registered in the Company’s shareholder register at Edaa at the end of trading on the Extraordinary General Meeting Day shall have the right to attend the Extraordinary General Meeting and vote on the increase in the Company’s share capital by way of Rights Issue.
Petro Rabigh will always remain committed to long-term value creation for its shareholders, stakeholders, and communities. This transaction is an important lever to ensure that the Company is well-positioned to meet its strategic priorities.