Saudi Regulator Lifts Suspension On PetroRabigh shares

Saudi Arabia’s market regulator on Monday lifted a suspension of PetroRabigh shares after the company disclosed it was increasing its capital through a rights issue.

PetroRabigh, Saudi Arabia’s fourth-largest petrochemical firm by market value, earlier on Monday said it would ask shareholders to approve raising its capital by $1.9 billion to help fund its expansion.

Trading in PetroRabigh was suspended by the Capital Market Authority on Sunday after the company did not commit to listing rules related to “informing CMA and the public without delay on any material developments…that can affect (the) stock price,” the regulator said.