Rabigh Refining shareholders approve 91% capital hike to $4bn

RIYADH: Saudi Rabigh Refining and Petrochemical Co. has received approval from its shareholders to increase capital by 91 percent by offering 795 million right issue shares.

The chemical maker wants to increase the capital to SR16.7 billion ($4 billion) from SR8.76 billion, according to bouse filling. 

The company said it will increase its capital in order to repay loans received from the founding shareholders, including partial repayment of equity bridge loans.