The General Assembly of Petro Rabigh agrees to reduce the capital to 16.7 billion riyals

The Board of Directors of Rabigh Refining and Petrochemical Company announced "Petro Rabigh" The results of the extraordinary general assembly meeting, which included reducing the company’s capital (the first meeting), which was held yesterday, Sunday.

The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the assembly’s agenda included:

First: Approval of the Board’s recommendation to reduce the company’s capital according to the following:

– Capital before reduction: 21,973,649,980 riyals.

– Capital after reduction: 16,709,999,980 riyals.

– Class A capital before reduction: 16,710,000,000 riyals.

– Class A capital after the reduction: 11,446,350,000 riyals.

– Capital reduction percentage: The capital reduction represents a reduction of 23.95% of the current capital, while the reduction percentage of capital representing Class A ordinary shares only represents 31.50%.

– Number of shares before reduction: 2,197,364,998.

– Number of shares after reduction: 2,197,364,998.

– Capital reduction method: Reducing capital by (5,263,650,000) riyals by reducing the nominal value of Class A common share from (10) riyals to 6.85 riyals. SAR.

– Reason for reduction: Reducing accumulated losses.

– Date of reduction: If this clause is approved, the reduction decision will be effective on the company’s shareholders who own Class A shares on the day of the extraordinary general assembly and who are registered in the company’s shareholder register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly in which the capital reduction was decided.

– Effect of capital reduction The Company on the Company’s Obligations: The Company appointed PricewaterhouseCoopers Certified Public Accountants to issue the independent practitioner’s limited assurance report on the Board of Directors’ approval prepared on the capital reduction, which explains the reasons for the reduction and its expected impact on the Company’s obligations and total equity. Based on this declaration, there will be no impact of the capital reduction on the company’s obligations or total equity.

– Amending Article No. (9) of the company’s bylaws, relating to capital.

– Amending Article No. (10) of the company’s bylaws, relating to subscription to shares.

Second: Approval of the Board of Directors’ decision to appoint Hamad Yahya Al Daghrir as a member of the Board (non-executive), starting from the date of his appointment on October 9. 2025 AD to complete the Council’s session and until the end of the current Council session on November 2, 2027 AD, succeeding Member Noriaki Takeshita (non-executive).

Third: Approval of the Board of Directors’ decision to appoint Abdullah Saleh Al-Suwailem as a member of the Council (Non-Executive), starting from the date of his appointment on October 9, 2025 AD to complete the Council’s session until the end of the current Council session on November 2, 2027 AD, to succeed Member Tetsuo. Takahashi (non-executive).

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