SARCO submits capital increase application to CMA

Detailed summary

Saudi Arabian Refineries Co. (SARCO) said it submitted an application to the Capital Market Authority (CMA) on Nov. 11 to increase its capital through ...

Saudi Arabian Refineries Co. (SARCO) said it submitted an application to the Capital Market Authority (CMA) on Nov. 11 to increase its capital through a rights issue.

In a statement to Tadawul, the company said the application seeks to raise its capital from SAR 150 million to SAR 450 million, an increase of SAR 300 million through the issuance of 30 million rights shares.

The shares have a nominal value of SAR 10 each, with the offering price also set at SAR 10 per share.

SARCO noted that the capital increase remains subject to the relevant regulatory approvals, including approval from the extraordinary general assembly (EGM).

Any material developments related to the application will be disclosed in due course, the statement said.

According to Argaam data, the company's board recommended a capital increase through a rights issue on March 26, 2026, before SARCO issued a corrective announcement on Oct. 25, 2026.

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