Rabigh Refining and Petrochemical Co. (“Petro Rabigh” or “the Company” ) announces the decrease of its accumulated losses to 39.94% of the Share Capital.
| Element List | Explanation |
|---|---|
| Introduction | With reference to announcement dated November 10, 2025 (19/05/1447H), regarding Petro Rabigh’s financial results for the nine-months period ended on September 30, 2025, and its accumulated losses reaching 51.29% of Share Capital as of September 30, 2025, Petro Rabigh is pleased to announce the decrease in its accumulated losses from 51.29% of Share Capital as at September 30, 2025, to 39.94% of Share Capital as at October 31, 2025 (09/05/1447H). |
| Date of accumulated losses decrease | 2025-10-31 Corresponding to 1447-05-09 |
| Amount of the Accumulated Losses | 8,777.36 |
| Percentage of the Accumulated Losses out of the Capital (%) | 39.94 % |
| Measures Taken by the Company to Decrease Accumulated Losses | Increase in share capital of the Company by SAR 5,263.6 million through issuance of 526.36 million ordinary Class B shares to Saudi Aramco and Sumitomo Chemical Company (together the ‘founding shareholders’) in equal proportion (refer to the announcements by Petro Rabigh on August 31, 2025 (08/03/1447H) and September 30, 2025 (08/04/1447H). |
| The external auditor’s report clarifying the financial position of the company |  |
| Additional Information | With reference to the attached Auditor’s Report, Petro Rabigh has increased its share capital by SAR 5,263.6 million through issuance of 526.36 million ordinary Class B shares to the founding shareholders in equal proportion. The total share capital of Petro Rabigh is now SAR 21,973.6 million as of October 31, 2025, and the accumulated losses amount to SAR 8,777.36 million as of the same date representing 39.94% of the Company’s share capital.
Given that the share capital increase has caused the Company’s accumulated losses to be reduced to below 50% of Share Capital, Article 132 of the Companies Law and the Procedures and Instructions issued by the Capital Market Authority related to listed companies with accumulated losses reaching 50% or more of their share capital will no longer apply to the Company. However, the Company notes that the Procedures and Instructions issued by the Capital Market Authority related to listed companies with accumulated losses reaching 20% or more of their share capital will continue to apply to the Company.
The share capital increase further demonstrates the ongoing support by the Founding Shareholders to improve Petro Rabigh’s financial position and facilitate its turnaround strategy. |
Comments