‎ “Ma’aden” BOD recommends capital increase to SR36.9 bln by ‎granting shares

The Board of Directors of the Saudi Arabian Mining Company (Ma’aden) recommended to the Extraordinary General Assembly to increase the capital by 50% by granting bonus shares through a capitalization of 12,305,911,460 riyals from the statutory reserve and retained earnings. This is by granting a free share for every two shares owned by the shareholders.

The company said in a statement today on “Tadawul” that the capital before the increase was 24,611,822,920 riyals, while the capital after the increase will be 36,917,734,380 riyals, with an increase of 50%.

It explained that the number of shares before the increase was 2461182292 shares, while the number of shares after the increase will be 3691773438 shares.

The company aims to increase the capital to support the capital base of the company. This contributes to enhancing future growth plans.

The number of shares granted for each share granted one share for every two shares

The nature and value of the reserves will be used in the capitalization issue. The increase will be through the capitalization of the statutory reserve and retained earnings in an amount of 12,305,911,460 riyals.

The eligibility date for shareholders who own shares will be at the end of trading on the day of the extraordinary general assembly of the company (which will be determined later) and who are registered in the company’s shareholder register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly.

The company said that in the event of fractional shares, the fractional shares will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the shareholders eligible for the grant, each according to his share within a period not exceeding 30 days from the date of determining the shares due to each shareholder. The grant is also conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted.