Business | Investment
Petro Rabigh shares list on Saudi bourse
More than five million subscribers who bought shares in the recent Rabigh Refining and Petrochemical Company (Petro Rabigh) IPO were waiting for company to list on the Saudi market on Saturday.
- By Mariam Al Hakeem, Staff Reporter
- Published: 23:33 January 26, 2008
Riyadh: More than five million subscribers who bought shares in the recent Rabigh Refining and Petrochemical Company (Petro Rabigh) IPO were waiting for company to list on the Saudi market on Saturday.
About 217 million shares of PetroRabigh were listed in the Saudi stock market at a price of 21 riyals per share. The IPO was held between January 5 and 12.
About 217.5 million shares will be available. About 162.750 million shares were allocated to Saudi individuals, 54.75 million to institutional investors and 1.5 million shares were kept by the company as investment shares for its employees.
The trading of PetroRabigh's shares come at time when the Saudi Tadawul All-Share Index lost more than 2183.54 points last week.
According to executives at the company, the company's first production is expected to begin within less than six months while the full capacity of the project will start operation by the first quarter of next year.
Share this article
More from Investment
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Louvre, Golden Tulip hotel chains to expand in region
Dubai could host first establishment in 2010
-
Lending slows down in eurozone
Central Bank will this week announce revisions to liquidity-boosting measures
-
Global outcry over Dubai World restructuring is exaggerated
About 75 per cent of the $20b bond has already been subscribed
