Saudi Arabian Mining Co (Maaden) is considering to raise up to $5 billion (SAR 18.75 billion) in a rights issue later this year to help finance potential acquisitions, Bloomberg reported, citing well-informed sources.
“Maaden is working with HSBC Holdings Plc's Saudi Arabia unit on the possible issue,” the sources said, adding that the issue size is yet to be decided and could be lesser than $5 billion.
The Saudi Public Investment Fund (PIF), which owns 65 percent in the mining firm, will also participate in the issue through a debt-for-equity swap and exchange its loans to Maaden subsidiaries into equity.
Maaden CEO Darren Davis had said in October 2018 that the Saudi miner was actively looking for investment opportunities overseas that would complement and strengthen its business inside the Kingdom.
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