Saudi Arabian Mining Co. (Maaden) headquarters
Saudi Arabian Mining Co. (Maaden) published the shareholders circular regarding its capital increase to acquire the entire stake of Mosaic Phosphates BV in Ma'aden Wa'ad Al Shamal Phosphate Co.
In a Tadawul statement, Maaden said it will announce any further material developments on the transaction in due time.
For More Mergers and Acquisitions
Maaden shareholders will vote on raising capital from SAR 36.91 billion to SAR 38.02 billion through issuing 111.01 million ordinary shares during an extraordinary general assembly meeting (EGM) on Dec. 11, 2024, according to data available with Argaam.
The capital hike aims to fund Maaden’s acquisition of Mosaic Phosphates B.V.’s entire stake in Maaden Wa’ad Al Shamal, including related marketing rights for phosphate and fertilizer products.
This will be pursuant to the stock purchase and subscription agreement (SPSA), signed on April 29 between the two companies.
Maaden’s board of directors noted that shareholders should carefully read and consider all information stated in the circular prior to making their decision on how to vote on the transaction.
In case of doubt about the vote at Maaden’s EGM relating to the transaction, an independent financial advisor, licensed by the CMA, should be consulted about the deal.
Shareholders should rely on their own examination of the transaction to ascertain whether the deal conforms to their own individual objectives, financial status, and requirements.
|
Details of the Agreement |
|
|
Deal |
Acquisition of Mosaic Phosphates B.V.’s entire stake in Maaden Wa’ad Al Shamal Phosphate |
|
Method |
Increasing Maaden's capital through issuing shares for Mosiac Phosphates B.V. |
|
Seller |
Mosiac Phosphates B.V. |
|
Target Stake |
210.94 million shares in Maaden Wa'ad Al Shamal |
|
Target Stake % |
25% |
|
Method of Compensation |
Issuing new shares in Maaden for the seller |
|
Number of Shares to be Issued |
111.01 mln new shares |
|
Maaden's Capital before Increase |
SAR 36.92 bln |
|
Maaden's Capital after Increase |
SAR 38.03 bln |
|
Par Value of New Shares |
SAR 10 |
|
Capital increase (%) |
3.01% |
|
Seller's Ownership in Maaden after the Increase |
2.92% |
Earlier this month, the Capital Market Authority (CMA) approved Maaden’s request to raise its capital to SAR 38.02 billion to make the acquisition.
Ma'aden Wa'ad Al Shamal is a joint venture between Ma'aden, the seller, and Saudi Basic Industries Corp. (SABIC). The company operates an integrated facility for phosphate production with a design capacity of 3 million tons of diammonium phosphate.
To view the shareholders circular, click the following URL:
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}