K&A acted as the issuer’s counsel for Rabigh Refining and Petrochemical Company (Petro Rabigh) in relation to its capital increase by way of a rights issue for a total amount of SAR 7.95 billion (around USD 2.12billion). Since its incorporation in 2005 as an international joint venture between Saudi Aramco and Sumitomo Chemical Company Limited, Petro Rabigh has been one of the largest integrated refining and petrochemicals complexes in the KSA.
Petro Rabigh’s rights issue is the second largest rights issue offering in the history of the KSA capital market and one of the largest public offerings in the KSA this year. Petro Rabigh’s offering was closed successfully with significant coverage. K&A was honored to have supported Petro Rabigh on such historic offering.
The transaction was led by partners Zeyad Khoshaim and Amro Bakhaidar, and supported by associates Mohammad Almania, Ghaida Meaigel, Duaa Amer, Yazeed AlSayari , and trainee associates Modi Alnafea and Raghad Alhumaidan.
K&A’s role for Petro Rabigh also utilized all of its tier 1 practice areas, including projects and finance and corporate, with the involvement of a team that includes Counsel Paul Matrosov and senior associate Naryman Alkassimi.
This transaction comes on the back of IFLR 100 ranking K&A as a tier 1 firm in Capital Markets for both Equity and Debt.