Maaden EGM to vote on authorizing board to issue debt instruments on Feb. 3

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) will vote on authorizing the board to issue debt instruments of all types, including sukuk and bonds, during the extraordinary general meeting (EGM) to be held on Feb. 3.

In a statement to Tadawul today, Jan. 13, Maaden stated that these debt instruments could be issued publicly or privately, either directly or through one or more special-purpose vehicles (SPVs).

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The instruments may be primary or secondary, listed or unlisted, in any currency, issued as a whole, in parts, or through a series of issuances under programs or independently, within Saudi Arabia or internationally.

Terms such as amounts, timing, tenor, returns, structure, listing, clearing arrangements, and other details will be decided by the board.

If approved, the board will also be authorized to take all necessary steps, obtain approvals in any jurisdiction, establish or update programs, and handle issuances.

It can delegate these powers to individuals or entities and authorize further sub-delegations. The EGM will ratify and approve all previous actions taken regarding these matters.