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FINANCIAL NEWS
Saudi Aramco, Total to raise SATORP’s capital by USD299m
10 Apr 2012
(MENAFN) Saudi Aramco Total Refining and Petrochemical Company (SATORP) said that Saudi Aramco and Total would raise the firm’s capital by USD299 million, reported Arab News.
SATORP added that the increase would lift the company’s capital to around USD949 million from nearly USD649 million.
It also said that as Saudi Aramco holds a 62.5 percent stake in SATORP and Total holds a 37.5 percent stake; the additional capital amount would be paid in-cash by the two sponsors in proportion to their shareholding in the firm.
It is worth noting that SATORP owns the great majority of shares in Arabian Aramco Total Services Company, which is the issuer of a sukuk listed on Tadawul, the Saudi Arabian Exchange.
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