Maaden EGM to vote on SAR 8.3B contracts with Aramco, SABIC on May 3

Logo of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co. (Maaden) announced that its extraordinary general meeting (EGM) will convene on May 3 to vote on several agenda items, including transactions and contracts concluded during 2025.

In a statement on Tadawul, Maaden said shareholders will vote on contracts with Saudi Aramco, in which board members Yasir Al-Rumayyan and Mohammed Al-Qahtani have an indirect interest. The contracts involve the purchase of raw materials and energy products, valued at SAR 4.05 billion, without preferential terms.

The assembly will also decide on transactions with Saudi Basic Industries Corp. (SABIC), in which the same board members have an indirect interest. These include a marketing agreement and dividend distribution related to Maaden Phosphate Co. and Maaden Wa’ad Al Shamal Phosphate Co., totaling SAR 4.27 billion.

In addition, shareholders will vote on transactions with Alinma Bank, in which board member Ahmed Al-Haqbani (independent member) has an indirect interest. These relate to interest income generated from bank deposits, sukuk investments, facilities, and loans, amounting to SAR 133.5 million, without preferential terms.

The agenda also includes voting on transactions with the Public Investment Fund (PIF), in which Al-Rumayyan has an indirect interest. These involve financing costs related to long-term loans and repayment of principal, totaling SAR 372.3 million, without preferential terms.

Shareholders will vote on transferring the statutory reserve of SAR 157.73 million, as shown in 2025 audited financial statements, to retained earnings.