Maaden eyes potential acquisitions, plans restructuring

Tadawul-listed Saudi Arabian Mining Co. (Maaden) is working with financial advisers to restructure its balance sheet as it seeks potential acquisitions, Bloomberg reported, citing people familiar with the matter.

HSBC Holdings is advising on its capital market plans, while JP Morgan Chase is helping the mining giant to identify potential deal opportunities.

Michael Klein, a former Citigroup investment banker, is working as a strategic advisor, the report added.

In October, former chief executive Khaled Al Mudaifer said that Maaden was looking to expand internationally through mergers and acquisitions in the industrial metals and fertilizer sector.