Petro Rabigh says rump offering 1,649.7% oversubscribed

Logo of Rabigh Refining and Petrochemical Co. (Petro Rabigh)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) announced today, July 5, results of its rump offering and final allocation of its rights issue shares, as the coverage ratio hit 1,649.68%, according to a bourse statement.

Rump shares amounted to 23.11 million shares (inclusive of fractional shares), down from the 22.64 million previously disclosed. This change was due to the adjustment of the number of rump shares after the completion of the stock reconciliation process, as per the lead manager’s statement, Petro Rabigh clarified.

Petro Rabigh will receive the aggregate offer price collected from selling rump shares. The company will distribute excess offering proceeds to those entitled no later than July 17.

Subscription to the company's rights shares ended on June 26, according to Argaam’s data.

The company had offered 795 million rights shares at SAR 10 apiece, valued at SAR 7.95 billion, in order to increase its capital from SAR 8.76 billion to SAR 16.71 billion.

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