Petro Rabigh approved the reduction of capital to 16.7 million riyals
Rabigh Refining and Petrochemical Company announced "Petro Rabigh" The Capital Market Authority approved the company’s request to reduce its capital from 21.9 million riyals to 16.7 million riyals.
The company said in a statement on its website "Saudi Arabia trading"The capital reduction is by reducing the nominal value of Class A ordinary shares from (10) riyals to (6.85) riyals, and the reduction date will be the end of the second trading day following the extraordinary general assembly in which the capital reduction was approved.
It should be noted that capital reduction requires obtaining the approval of the extraordinary general assembly to reduce the company’s capital and completing the relevant regulatory procedures and requirements.
The Capital Market Authority issued The approval is after the company fulfills all the comments and requirements related to the capital reduction file. The company will complete the necessary related procedures, including publishing the shareholders’ circular containing the proposed method for reducing the capital and the expected effects of that reduction so that the shareholders can vote on the decision to reduce the capital.
The company noted the invitation to the extraordinary general assembly to convene, the date of which will be announced later.
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