PetroRabigh shares to list on Saudi bourse on January 27

23-Jan-08

Shares in Saudi Arabia-based Rabigh Refining and Petrochemical Co (PetroRabigh) will list on the kingdom's bourse on Jan. 27. No limit would be set for the stock price movement on the debut day, as per the Capital Market Authority (CMA). In the normal course, the CMA sets a 10% limit for listed shares' price movement. 25% stake in PetroRabigh will be offered to Saudi nationals, amounting to 219 mln shares at 21 riyals each. This values PetroRabigh at US$4.9 bln, a steep discount to the US$10 bln investment for the project.