CMA approves increasing Maaden’s capital to 38.02 billion riyals

The Capital Market Authority announced the issuance of its decision, which includes approval of the request of the Saudi Arabian Mining Company “Maaden” to increase its capital from 36.9 billion riyals to 38.02 billion riyals, by issuing 111 million ordinary shares; for the purpose of acquiring all the shares owned by Mosaic Phosphate Company B.V. (in addition to the marketing rights for phosphate products and fertilizers) in Maaden Waad Al Shamal Phosphate Company.

It added that the shareholders’ circular regarding the increase of Maaden’s capital will be published well in advance of the date of the company’s extraordinary general assembly, and the shareholders’ circular must contain the information and data that the company’s shareholders need to know, especially information related to the increase of capital and risk factors, before making their decision to vote on the decision to increase capital for the aforementioned purpose.

The Authority said that making a decision to vote without reviewing the shareholders’ circular and studying its content may involve high risks. Therefore, the shareholder must review the shareholders’ circular and study it carefully to reach the appropriate decision when voting, and if it is not possible to understand the contents of the shareholders’ circular, it is preferable to consult a licensed financial advisor. Explaining that the Authority’s approval should not be viewed as an endorsement of the feasibility of the acquisition process, as the Authority’s decision to approve means that the regulatory requirements have been complied with according to the Capital Market Law and its implementing regulations.