Aramco‘s Petro Rabigh Stake Boost Expected to Yield Positive Financial Results
RIYADH – Petro Rabigh anticipates a favorable financial impact following Saudi Aramco’s completed acquisition of a 22.5% stake in the company, representing 375.97 million Class A ordinary shares. The deal, finalized yesterday, solidifies Aramco’s position as Petro Rabigh’s largest shareholder with approximately 60% ownership.
The $702 million (2.63 billion riyals) transaction, initially agreed upon in august 2024, sees Sumitomo Chemical Company’s ownership reduced to 15%. This increased investment by Aramco is expected to strengthen Petro Rabigh’s financial standing and support it’s future growth initiatives. A special deal executed on the Tadawul (TASI) main market on Wednesday saw approximately 375.97 million shares change hands for a total value of 2.63 billion riyals, representing 22.49% of Petro Rabigh’s 1.67 billion total shares.
The acquisition was completed after Saudi aramco purchased the shares from sumitomo Company at a price of 7 riyals per share. Petro Rabigh has announced that a precondition for institutional shareholders’ subscription to Class B common shares has been met, and the subscription and subsequent fund injection are anticipated within 15 buisness days, with a further proclamation to follow upon completion.
