RIYADH: Rabigh Refining and Petrochemical Co., known as Petro Rabigh, has received shareholders’ approval for a 91-percent increase in capital through an offering of 795 million shares.
This will allow the company to increase its capital to SR17 billion ($4.5 billion) from SR9 billion, according to a bourse filing.
The prospectus for its capital increase will be issued through SR8 billion rights issue, after receiving the Capital Market Authority's approval, it added.
