Ma’aden mulls capital increase to expand gold operations
The Saudi Arabian Tadawul All-Share Index closed dipped by 0.13 per cent to 9,807.37 points on Thursday, May 15. SABIC remained in a stutter mode, ending off 0.80 per cent lower at SAR118.50. Saudi Arabian Mining Company, better known as Ma’aden (Arabic for metals), lost 4.14 per cent, after gaining 5.49 per cent yesterday. The share price exit the week was SAR37.50. Earlier in the day, Ma’aden revealed that its board recommended the extra-ordinary general assembly to increase company capital through a rights issue with a total value of SAR5.6 billion ($2.027bn), subject to obtaining approvals of the competent regulatory authorities and the extra-ordinary general assembly on the capital increase and setting the price and number of shares to be issued. The objectives of the capital increase are to expand the company’s phosphate and gold operations and to continue funding the aluminum project.