Maaden’s general assembly meeting approves capital hike

Saudi Arabian Mining Company (Maaden) has announced the results of the 7th extra ordinary general assembly’s meeting approving capital increase, it said in a bourse statement.

The meeting approved the company’s capital increase through conversion of its debt to the Public Investment Fund (PIF) by SAR 2.99 billion through issuance of 62,112,885 new shares to the PIF, at a price of SAR 48.08 per share.

The meeting also approved to amend Article (7) of the company’s Articles of Association relating to the company’s capital and shares, in order to reflect the above capital increase.

The meeting also approved the Board of Directors' resolution to appoint Yasir bin Othman Al-Rumayyan as a non-executive director and a PIF representative on the Board of Directors, effective from September 28, 2019 until the end of the current board term on October 24, 2020.