The board of the debt-laden Saudi Arabian petrochemicals JV, Petro Rabigh (Aramco 37.5%, Sumitomo 37.5%, free float 25%), has recommended a two-phase capital restructuring plan in a bid to right its finances. This comes on top of last year’s agreement – yet to be completed – for Aramco to acquire a further 22.5% from Sumitomo and for the partners to forgive $1.5bn of loans and inject $1.4bn into the business (MEES, 9 August 2024).
In a 31 August announcement, Petro Rabigh says that the proposed capital restructuring is contingent on the completion of Aramco’s share purchase from Sumitomo. (CONTINUED - 768 WORDS)
