Maaden shareholders’ to vote on capital hike on Nov.4

Saudi Arabian Mining Co. (Maaden) will hold the seventh extraordinary general meeting on November 4, 2019, to seek shareholders’ approval for capital increase, it said in a bourse filing on Thursday.

The capital increase will take place through conversion of SAR 2.99 billion of its debt by issuing new shares to the Public Investment Fund (PIF). The capital hike intends to improve the company’s liquidity and credit position, and enhance its ability to achieve its growth objectives, the statement noted.

Shareholders will also vote on business and contracts concluded between the company and the PIF, a controlling shareholder, in which some board members have an indirect interest in their capacity as representatives of the fund.

They will further vote to amend article (7) of the Articles of Association relating to the company’s capital and shares, to reflect the above capital increase.

Voting will also take place to approve the board of directors' resolution to appoint Yaser Bin Othman Al-Rumayyan as non-executive director and a PIF representative on the board, effective Sept.28, 2019, until Oct.24 2020, the statement added.