Ma’aden discloses rights issue proceeds, project developments
Maaden announced that proceeds of its rights issue— completed on December 2— amounted to SAR 5.6 billion.
About SAR 23.86 million represented offering expenses, while the remaining sum amounted to SAR 5.57 billion, the company said.
The company will pay 5,062 million for Ma’aden Waad Al Shamal Phosphate Co.
The Saudi-based company said that its beneficiation plant is 14.4 percent completed, while the Sulphuric Acid plant is 36.4 percent complete. Moreover, its Phosphoric Acid plant is 24.1 complete, while its Ammonia plant project is 37.7 percent complete.
Maaden also indicated that a sum of SAR 516 million will go towards Maaden Bauxite and Alumina Co., which is 98.3 percent complete.