AMAK board proposes SAR 680M rights issue

AMAK said the rights issue aims to support its expansion plans

Almasane Alkobra Mining Co.'s (AMAK) board of directors recommended increasing capital through a SAR 680 million rights issue.

The rights issue aims to support the company's expansion plans and drive investment in its portfolio growth, according to a Tadawul statement.

The board approved the appointment of Al Rajhi Capital as a financial advisor for the offering and to provide advice on the capital increase and its restructuring, as well as to prepare the relevant documents in accordance with the regulatory requirements.

Shareholders of record on the date of the extraordinary general meeting (EGM), which approved the rights issue, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM date are eligible for the rights issue.

An announcement will be made when the capital increase request file is submitted to the Capital Market Authority for approval, the company said.