Saudi’s PetroRabigh Says Plans $1.9bn Rights Issue

Saudi Arabia’s Petrorabigh will ask shareholders to approve raising its capital via a rights issue worth about SAR7.04 billion ($1.88 billion), the company said on Monday.

PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, has yet to decide the offer price and number of shares in the rights issue and is subject to the “necessary arrovals”, according to a bourse statement.

The company will use the money raised to help fund its expansion, it added.

Saudi’s market regulator suspended trading in PetroRabigh’s shares on Sunday because the company failed to provide unspecified information on time.