The Extra Ordinary General Assembly of Saudi Arabia Mining Company’s (Ma’aden) approved a capital raise from SAR 9250m to SAR 11685m through a rights issue.
The company determined the following details for the IPO on a statement to Tadawul:
First: Registered Shareholders and the public shall be able to participate in the IPO during the period from Tuesday to 18/11/2014 until the close of trading on Tuesday 02/12/2014.
The IPO is to be divided into two phases:
a) First IPO phase: Starts on Tuesday 25/01/1436H (corresponding to 18/11/2014G) and shall continue until the end of the day on Tuesday 02/02/1436H (corresponding to 27/11/2014G).
b) Second IPO phase: Starts on Sunday 08/02/1436H (corresponding to 30/11/2014G) and continues until the end of the day on Tuesday 10/02/1436H (corresponding to 02/12/2014G).
During those periods; all holders of Rights, whether Registered Shareholders or persons who purchased Rights during the trading period coinciding with the First IPO phase shall be allowed to exercise their right to subscribe to the New Shares.
Trading of Rights during this phase is not possible.
If unsubscribed shares remain after the First and Second IPO phases, the remaining shares will be offered through the Rump Offering as described in the prospectus.
Second: the eligibility ratio is 1 right for each shareholder, who holds 3.8 shares registered in the Company’s share register at the end of the Extraordinary General Assembly meeting approving the Company’s capital increase.
Third: The Issuance price is SAR 23 per share.
Fourth: Shareholders, who do not wish to subscribe to the New Shares, may sell their allocation of Rights during the trading period mentioned above to avoid the decrease in the value of their investment portfolios.
The following tables indicate the rights issue IPO details:
|
Capital raise details |
|
|
SAR 9250mn |
Current Capital |
|
925 million |
Current number of shares |
|
26.3% |
Percentage of the increase (%) |
|
SAR 11684.78mn |
Capital after increase |
|
The rights issue |
|
|
243.5 mn |
Number of new rights issue shares |
|
SAR 23 per share |
Issuance price |
|
SAR 5.6 billion |
Issuance value |
|
Nov. 13 |
Record date |
|
Use of IPO proceeds |
|
Other details |
|
|
HSBC |
Financial advisor |
|
HSBC & GIB Capital |
Lead managers |
|
Samba Capital |
Lead Underwriter |
|
Aljazira Capital, GIB Capital & HSBC |
Other underwriters |
|
Alinma, Al Rajhi, Al Bilad, Arab National, BJAZ, Saudi Fransi, RIBL, SAMBA, Saudi Hollandi Bank, NCB, SABB & SIBC |
Receiving Banks |
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