Maaden shareholders approve SAR 8.8B transactions, contracts

Saudi Arabian Mining Co. (Maaden) headquarter

Saudi Arabian Mining Co. (Maaden) shareholders approved the transactions and contracts executed in 2025 between the company and Saudi Basic Industries Corp. (SABIC), where board members Yasir Al-Rumayyan and Mohammed Al-Qahtani have an indirect interest.

The approvals came during an extraordinary general meeting held on May 3.

These included a marketing and profit distribution agreement for Maaden Phosphate Co. and Maaden Waad Al Shamal Phosphate Co., valued at SAR 4.27 billion, with no preferential terms.

In a statement to Tadawul, the company said shareholders also approved transactions and contracts executed during the same period between Maaden and Saudi Aramco, where Al-Rumayyan and Al-Qahtani have an indirect interest.

The agreements relate to the purchase of raw materials and energy products worth SAR 4.05 billion, without preferential terms.

In addition, the EGM approved transactions and contracts carried out during 2025, between the company and the Public Investment Fund (PIF), where Al-Rumayyan has an indirect interest.

These relate to financing costs associated with long-term loans and repayment of loan principal totaling SAR 372.31 million, without preferential terms.

The company further said shareholders approved transactions and contracts executed during the same period between Maaden and Alinma Bank, where board member Ahmed Alhakbani has an indirect interest.

These included interest income generated from bank deposits, sukuk investments, facilities, and loans amounting to SAR 133.50 million, without preferential terms.

The EGM also approved transferring the statutory reserve balance of SAR 157.7 million, as disclosed in the consolidated financial statements for 2025, to retained earnings.