Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

RIYADH: Saudi-listed Rabigh Refining and Petrochemical Co.’s rights issue has generated SR7.65 billion ($2 billion) in proceeds amid a 91-percent capital hike plan.

The company, better known as Petro Rabigh, offered 795 million shares, out of which 96.26 percent were subscribed, according to a bourse filing.

This allowed the company to increase its capital to SR16.7 billion from SR8.8 billion.

The decision to offer new shares comes in a bid to raise additional capital, strengthen equity, and cut debt.