Riyadh – Mubasher: The board of Rabigh Refining and Petrochemical Company (Petro Rabigh) has changed its previous recommendation to reduce the capital to become 8.01% instead of 13.76 %.
The new capital will amount to SAR 8.05 billion, compared to SAR 8.76 billion prior to the reduction.
The capital cut will be carried out by cancelling one share for every 12.4837 shares at a total of 70.17 million shares to offset the accumulated losses, according to a bourse filing on Sunday.
The number of shares will stand at 805.82 million shares after the cut, compared to 876 million ordinary shares.
Petro Rabigh does not expect any negative impact of the capital reduction.
The shareholders still have to approve the capital decrease during their extraordinary general meeting (EGM) to be effective.
It is noteworthy to mention that in the third quarter (Q3) of 2021, the company's net profits reached SAR 221 million, against losses of SAR 610 million in Q3-20.
