{"id":100160,"date":"2025-09-01T00:00:00","date_gmt":"2025-09-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/01\/petro-rabigh-to-restructure-capital-with-sar-5-3-bn-injection-from-aramco-sumitomo\/"},"modified":"2025-09-01T00:00:00","modified_gmt":"2025-09-01T00:00:00","slug":"petro-rabigh-to-restructure-capital-with-sar-5-3-bn-injection-from-aramco-sumitomo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/01\/petro-rabigh-to-restructure-capital-with-sar-5-3-bn-injection-from-aramco-sumitomo\/","title":{"rendered":"Petro Rabigh to restructure capital with SAR 5.3 bn injection from Aramco, Sumitomo"},"content":{"rendered":"

Rabigh Refining and Petrochemical Company is pushing ahead with a two-step <\/strong>restructuring<\/strong>, that will see it first raise fresh money<\/a> from founding shareholders Aramco and Sumitomo, before trimming its capital<\/a> to wipe out accumulated losses, according to two separate disclosures to Tadawul.<\/p>\n

The details:<\/strong> The board recommended increasing capital from SAR 16.71 bn to SAR 21.97 bn by issuing 526.4 mn new Class B ordinary shares at SAR 10 each, a 31.5% increase. Once the increase is complete, the company will reduce its capital from SAR 21.97 bn to SAR 16.71 bn by lowering the nominal value of Class A shares from SAR 10 to SAR 6.85. The cut represents a 23.95% reduction from the enlarged capital or 31.5% when measured against current Class A equity.<\/p>\n

Why it matters: <\/strong>The cut won\u2019t affect operations or liabilities, but will write off SAR 5.26 bn in accumulated losses. This accounting move clears Petro Rabigh\u2019s balance sheet of past losses, giving it more flexibility to eventually return dividends and pursue growth initiatives.<\/p>\n

IN CONTEXT-<\/strong> The company\u2019s net losses narrowed to SAR 2.06 bn<\/a> in the first half of the year, compared to SAR 2.47 bn in 1H 2024, while revenues dropped 13.6% y-o-y to SAR 15.5 bn. The company\u2019s accumulated losses hit SAR 7.34 bn by the end of 1H, equivalent to 43.9% of its share capital.<\/p>\n

To-do list:<\/strong> A subscription agreement signed on 30 August between Petro Rabigh, Aramco, and Sumitomo outlines the conditions, which include shareholder approval at an EGM, regulatory clearances, lender consent, and completion of Aramco\u2019s previously announced acquisition of Sumitomo\u2019s stake<\/a>.<\/p>\n

What\u2019s next:<\/strong> The decrease will take effect at the end of the second trading day after shareholder approval at a general meeting, which the company expects to complete before year-end.<\/p>\n

ADVISORS- <\/strong>Riyad Capital is advising on the transaction, while Zeyad Sameer Khoshaim Company (K&A) is the legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

CMA granted Petro Rabigh a waiver to issue the Class B shares privately without listing them.<\/p>\n","protected":false},"author":1,"featured_media":100161,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2704],"tags":[139,2419,10,1053],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-aramco","tag-capital-markets","tag-enterpriseam-ksa","tag-petro-rabigh","wpautop","entry"],"acf":{"mongo_id":"ecdbfd5b-0956-40d8-b5df-cb05fdbfdb01","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/989.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Petro Rabigh to restructure capital with SAR 5.3 bn injection from Aramco, Sumitomo followed by loss-offsetting cut","related_issue":[100155],"teaser":"CMA granted Petro Rabigh a waiver to issue the Class B shares privately without listing them.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.51e0e06b-dc43-41fa-bdde-f4aeaf8c0b2d.mp3"},"yoast_head":"\nPetro Rabigh to restructure capital with SAR 5.3 bn injection from Aramco, Sumitomo - 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