Petro Rabigh increases its capital through offering Rights Issues value at SR 9.2 billion

Riyadh, Rabi’I 20, 1437, December 31, 2015, SPA — Rabigh Refining and Petrochemical Company (Petro Rabigh) announced that in reference to the announcement on April 13, 2015, regarding the recommendation of the Board of Directors to increase the Company’s capital through Rights Issues, we would like to notify shareholders that, based on the Company’s announcement on December 31, 2015 regarding the latest developments of Rabigh Project (Phase II), changing the schedule of the Project, the Projects cost increase by approximately one billion Saudi Riyals, and the current world economic situation, the Company announces increasing the capital through Rights Issues valued at approximately 9,259,000,000 (Nine Billion Two Hundred Fifty Nine Million) Saudi Riyals with an increase of 2,224,000,000 (Two Billion Two Hundred and Twenty Four Million) Saudi Riyals instead of the amount announced before valued at 7,035,000,000 (Seven Billion and Thirty Five Million) Saudi Riyals.
The Company said in announcement published today on Saudi Stock Exchange site that this is conditioned by securing required approvals from concerned parties and the Extra-Ordinary Assembly of the increase and the share value and number.
Eligibility will be for the shareholders who are registered in the Shareholders List at the Deposit Center in the Capital Market Authority by the trading closure of the day of the Extra-Ordinary Assembly, the date of which will be determined later.
–SPA
12:17 LOCAL TIME 09:17 GMT