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Friday, April 26, 2024 16:23 GMT
Saudi-listed Rabigh Refining and Petrochemical Co.’s rights issue has generated SR7.65 billion (US$2 billion) in proceeds amid a 91% capital hike plan. The company, better known as Petro Rabigh, offered 795 million shares, out of which 96.26% were subscribed, according to a bourse filing.This allowed the company to increase its capital to SR16.7 billion (US$4.45 billion) from SR8.8 billion (US$2.34 billion). The decision to offer new shares comes in a bid to raise additional capital, strengthen equity, and cut debt.