The deal is the first completed by L Capital Asia in the Middle East, a statement said.
The company, a consortium headed by Dubai firm Emaar Properties and Saudi investors, is building King Abdullah Economic City, a special economic zone near Jeddah.
The 400,000 bpd refinery, which is currently running at about 60 per cent of capacity, started gasoline output this week.
Obama cut short a trip to India to fly to Riyadh, and was joined on the four-hour visit by a big delegation.
The lender will increase its capital to SAR20 billion from retained earnings by issuing two shares for every three shares held.
The company has yet to make a quarterly profit since launching service in 2008.
Obama’s visit comes as Washington struggles with worsening strife in the Middle East and counts Saudi Arabia among its few steady partners in the region.
A stake of between 20 per cent and 40 per cent could be sold, according to three sources with knowledge of the sale.
The fair oil price will be one that balances supply and demand, the chief executive said.
US President Barack Obama will fly a 30-member delegation to Riyadh on Tuesday.
The regulator is expected to issue a final version of regulations covering the opening “very soon”.
Economy and Planning Minister Muhammad al-Jasser said economic reforms would continue under Saudi’s new king, Salman.
King Salman has retained veteran Saudi oil minister Ali al-Naimi, in a message aimed at calming a jittery energy market.
Yemen is at risk of breaking up with the ascent of the Houthi movement.
Members of Germany’s national security council declined to approve arms export to Saudi Arabia or deferred their decision until further notice, German newspaper Bild am Sonntag said.
Prince Saud Al-Faisal is undergoing physiotherapy following the surgery, the official Saudi Press Agency announced.
Crown Prince Muqrin, 69, will be the first Saudi monarch born after the Kingdom struck oil in 1939.
The markets of Saudi Arabia, Kuwait, Oman and Bahrain are closed on Sunday because of King Abdullah’s death.
Russia’s PM Dmitry Medvedev, UK’s PM David Cameron and French President Francois Hollande are also visiting Saudi to offer condolences.
King Salman is likely to rely on stability and continued progress, say experts.
Saudi Arabia’s Interior Minister, Prince Mohammed bin Nayef, was named Deputy Crown Prince on Friday.
UAE President Sheikh Khalifa praised King Abdullah as one of the most notable leaders of the Arab region.
King Abdullah, 90, had ruled Saudi Arabia as king since 2005 and was hailed as a great reformist.
The 79-year-old King Salman will have to navigate turmoil caused by violence across the region.
Badawi, founder of the “Free Saudi Liberals” site, was sentenced last year to 10 years in jail, a fine of SAR1 million and 1,000 lashes.
In December, Tasnee bought 13 per cent in Cristal – one of the world’s largest producers of titanium dioxide – for SAR1.8 billion.
The closure of the facility in Ras Al Khair belonging to Ma’aden Phosphate Company will have no significant financial impact.
Mobily made a net loss of SAR2.28 billion ($607.1 million) in the last quarter of 2014.
The company has yet to make a quarterly profit since launching services in 2008.
The company attributed the fall to losses in financial investments, higher operating expenses and finance charges.