PetroRabigh announce capital reduction to eliminate the accumulated losses
Saudi Arabia’s PetroRabigh said its board has recommended a capital reduction followed by a capital increase, by way of a 7.95 billion riyals ($2.12 billion) rights issue, to strengthen the company’s financial position.
The reduction will eliminate the accumulated losses, and the Company does not expect any negative material impact on its obligations, operations, or the Company’s financial, operational and organizational performance as a result of the capital reduction.
The reduction date: the date of the reduction will be the end of the second trading day following the extraordinary general assembly that approves the reduction of the capital.
2) In relation to the rights issue:
The recommendation to increase the Company’s capital through a rights issue with a total value of SAR 7,950,000,000 for the purpose of increasing equity and reducing liabilities.
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