K&A successfully advised Rabigh Refining and Petrochemical Company (Petro Rabigh) on its landmark capital increase through issuing a new class of ordinary shares (Class B), which introduces for a first of its kind dual-class share structure into the Kingdom’s capital markets.

The new Class B shares, valued at SAR 5.2 billion, were issued to the founding shareholders — Saudi Aramco and Sumitomo Chemical — representing an increase of approximately 31.5% of the Company’s capital through 526.4 million new Class B ordinary shares at SAR 10 per share. This first-of-its-kind issuance forms part of Petro Rabigh’s strategic turnaround plan, aimed at strengthening its capital base and positioning the Company for sustainable growth.

K&A’s role involved leading the structuring the entire issuance and defining the dual-class framework, negotiating the terms of the subscription and preparing the public documents and all regulatory engagement, and engagement with the Capital Market Authority.

The K&A team was led by Managing Partner Zeyad S. Khoshaim and Senior Associate Ghaida Meaigel, supported by Associates Mohammed Althobaity and Saud Aldriss.

This transaction underscores K&A’s leadership in the Kingdom’s sophisticated and innovative capital-markets transactions, highlighting the firm’s ability to deliver market-defining mandates. It follows K&A’s recent recognition as Saudi Arabia Law Firm of the Year, alongside multiple wins at the ALB Middle East Law Awards 2025, including Young Lawyer of the Year awarded to Ghaida Meaigel.