Logo of Maaden
Saudi Arabian Mining Co.’s (Maaden) board of directors recommended, on Feb. 24, a 100% capital increase via a one-for-one bonus issue, according to a bourse filing today, Feb. 27.
The capital hike will be financed through capitalizing SAR 12.3 billion from the 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 24.611 bln |
|
Number of Shares |
2.461 bln |
|
Reason |
To boost capital base and finance future growth plans |
|
Method |
Capitalizing SAR 12.31 billion from the retained earnings and statutory reserve |
Shareholders of record by the end of the trading day of the company’s extraordinary general meeting (EGM) date, which will be announced later, and those registered at Securities Depository Center Company (Edaa) by the end of the second trading day following the EGM, are eligible for the increase.
Fractional shares, if any, will be sold at market price, and the proceeds will be distributed to eligible shareholders pro rata within 30 days from the allocation of new shares.
The proposed capital increase is subject to the approvals of the competent authorities and the EGM.
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