Shareholders of Petro Rabigh, one of the world’s largest integrated refining and petrochemical facilities, have approved plans to increase the company s share capital to SR16.71 billion ($4.45 billion) through a rights issue.
RIYADH: Saudi stocks erased early morning gains to close lower on Wednesday, even as Moody’s affirmed the Kingdom’s rating at ‘A’ with a stable outlook. The main TASI index lost 0.5 percent to 12,596, and the parallel market Nomu slipped nearly 0.6 percent to 22,206 despite a rise in oil prices. This was driven by losses recorded by some of TASI’s heavyweights in the banking
Acwa Power, a key Saudi developer of power and water desalination projects, has announced that 65 projects worth SR253.4 billion ($67.4 billion) within its portfolio are either in operation, construction or advanced development stage across the globe.
RIYADH: Rabigh Refining and Petrochemical Co., known as Petro Rabigh, has received shareholders’ approval for a 91-percent increase in capital through an offering of 795 million shares. This will allow the company to increase its capital to SR17 billion ($4.5 billion) from SR9 billion, according to a bourse filing. The prospectus for its capital increase will be issued through
RIYADH: Saudi Arabian chemicals maker Rabigh Refining and Petrochemical Co. has posted a 12 percent increase in quarterly profits on the back of rising oil prices. The firm, better known as Petro Rabigh, managed to boost profit from SR649 million ($173 million) to SR725 million year-on-year, it said in a filing to the Saudi stock exchange. Revenues soared by 42 percent to