The first transhe of Saudi Arabia Mining Company’s (Ma’aden) rights issue IPO commences today and continues till November 27th, 2014.
Maaden is to raise its capital from SAR 9250m to SAR 11685m through the issuance of 243.5m rights issue shares at SAR 23/share for registered shareholders.
The eligibility ratio is 1 right for each shareholder, who holds 3.8 shares and is registered in the Company’s share register at the end of the Extraordinary General Assembly meeting approving the Company’s capital raise.
According to the new tradable rights framework applied by Tadawul; there is a direct relationship between the price per share and the indicated right value, which is the (closing price per share – the issuance price) as shown in the following table:
|
Maaden’s price limits |
|
|
SAR 30.59 |
Closing price per share |
|
± 10% |
Share’s price deviation (%) |
|
± SAR 3.05 (27.54-33.64) |
Daily price limit per share |
|
-- |
right closing price |
|
SAR 23 |
IPO price |
|
SAR 7.59 |
Indicated right value at closing |
The company said that the IPO proceeds of SAR 5.6bn will be used, after deducting IPO expenses of SAR 21m, to finance the company’s investments in the phosphate industry, particularly in the building of an integrated facility for phosphate production at Waad Al-Shamal Mineral Industrial City and Ras Al-Khair City, in addition to continued funding for aluminum operations related to the mine and the refinery being constructed by MBAC.
|
Capital raise details |
|
|
SAR 9250 mn |
Current capital |
|
925 mn shares |
Number of shares |
|
26.3% |
Capital raise (%) |
|
SAR 11684.78 mn |
New capital |
|
Rights issue details |
||
|
243.48million |
Number of right shares |
|
|
SAR 23 |
Issuance price per share |
|
|
SAR 5.6 billion |
Issuance value |
|
|
November 13, 2014 |
Record date |
|
|
All rights issue shareholders |
Subscribers |
|
|
First tranche: Nov 18, 2014 until Nov 27, 2014 |
Rights issue period |
|
|
Second tranche: Nov 30, 2014 until December 02, 2014. |
||
|
Nov 18, 2014 until Thursday Nov 27, 2014. |
Rights issue trading period |
|
|
December 11, 2014 |
Allocation |
|
|
December 18, 2014 |
Payment of compensation |
|
|
Additional Information |
|
|
HSBC |
Financial advisor |
|
HSBC and GIB Capital |
Lead managers |
|
SAMBA Capital |
Lead underwriter |
|
Al Jazira Capital- GIB Capital- HSBC |
Other underwriters |
|
Alinma- Al Rajhi- AL Bilad- Arab National- BJAZ- Saudi Fransi- RIBL- SAMBA- Saudi Hollandi- NCB- SABB- SIBC |
Receiving Banks |
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