Ma’aden pushes ahead with rights issue
The Saudi Arabian Tadawul All-Share Index closed 0.25 per cent higher at 10,579.12 points on Sunday, August 10.
SABIC fell 0.63 per cent to SAR129. Saudi Arabian Mining Company or Ma’aden advanced 1.50 per cent to reach SAR39.30. Earlier in the day, it has filed on Thursday August 7, 2014 an application with the Capital Markets Authority (CMA for approval in relation to its proposed rights issue. Any new developments regarding this matter or any reaction by the CMA will be announced in due course. Back in May, Ma’aden (Arabic for ‘metals’) said it will seek shareholder approval for a SAR5.6 billion ($1.49 billion) rights issue in order to step expansion plans.