MA'ADEN's BOD recommends SAR 5.6 billion capital raise through rights issue

The BOD of Saudi Mining Company (Ma'aden) recommended SAR 5.6 billion capital raise through a rights issue, in its meeting held Thursday May, 15, 2014.

Capital raise is subject to obtaining the approvals of the competent regulatory authorities and extraordinary GA and setting the price and number of shares to be issued, the Company said in a statement on Tadawul.

Capital raise is intended to expand the Company's phosphate and gold operations and to continue funding the aluminum project.

The Company added that eligibility shall be to shareholders registered in the Company shareholder register at the date of the extraordinary GA day, which will be determined later.

According to the data available on "Argaam", the capital of Ma'aden, which operates integrated gold, aluminium and phosphate mines, is SAR 9.25 billion.

The Public Investment Fund has the largest stake in the Company owning 50% of its shares, General Organization for Social Insurance owns 9.6% and Public Pension Agency owns 7.4%.