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Maaden shareholders approve 100% capital increase to SAR 24.6 bln via bonus issue
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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