Petro Rabigh plans SAR 7.04 bln rights issue

Rabigh Refining and Petrochemical Company (Petro Rabigh) said on Monday that it's planning to raise its capital through a rights issue worth SAR 7.04 billion ($1.9 billion) after obtaining necessary approval from regulators.

The increase aims to pay for costs of its Phase II expansion Project, which was transferred from founding shareholders Saudi Aramco and Sumitomo Chemical to the company on March 17. 

Eligibility will be for shareholders listed on the company's registry at the end of  trading day on the date of its general assembly meeting. 

Saudi Arabia’s Capital Market Authority (CMA) lifted a trading halt placed on the company's shares since yesterday after the capital raise announcement. The regulator said it had suspended trading on Petro Rabigh's shares until the company could respond to regulatory requirements and disclose its 2014 financial results.