Logo of Saudi Arabian Mining Co.’s (Maaden) 

Saudi Arabian Mining Co.’s (Maaden) shareholders approved increasing capital by 100%, through a one-for-one bonus share distribution, during an extraordinary general assembly held on May 30, according to a bourse filing.

 

The capital top-up will be financed through capitalizing SAR 12.31 billion from retained earnings and statutory reserve.

 

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 retained earnings and statutory reserve
 

In a separate statement, the Saudi Exchange (Tadawul) said Maaden’s fluctuation limits today, May 31, will be based on a share price of SAR 60.10 and the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by June 2. 

 

In addition, Maaden shareholders approved the board of directors' recommendation on dropping cash dividends for 2021. 

 

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