Logo of Saudi Arabian Mining Co. (Maaden)

The Capital Market Authority (CMA) gave the green light for Saudi Arabian Mining Co. (Maaden) to increase its capital from SAR 12.3 billion to SAR 24.6 billion, through a one-for-one bonus share distribution, according to a CMA statement.

 

Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day after the record date – to be determined by the board later – will be eligible for the distribution.
 

The increase will be financed by transferring SAR 10.74 billion from the company's share premium account and SAR 1.57 billion from retained earnings and reserve.

  

An extraordinary general meeting (EGM) will be held within six months from this approval date and the company will fulfill all regulatory requirements and applicable laws.
 

On Feb 24, the board of directors recommended a 100% capital increase via a one-for-one bonus issue, Argaam earlier reported.

 

Details of Capital Increase – Bonus Issue

Current Capital

SAR 12.305 bln

Number of Shares

1.230 bln

Percentage of Capital Increase

100% (one bonus share for each existing share)

New Capital

SAR 24.6 bln

Number of Shares

2.46 bln

Reason

To boost capital base and finance future growth plans

Method

Capitalizing SAR 12.31 billion from the retained earnings and statutory reserve
 

 

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