CMA approves Maaden’s capital hike through SAR 2.99 bln debt conversion

The Capital Market Authority (CMA) has approved a request from Saudi Arabian Mining Co. (Maaden) to raise its capital through converting SAR 2.99 billion worth of debt, the market regulator said in a bourse statement.

The decision is subject to the approval of Maaden’s extraordinary general assembly meeting and completion of the required regulatory procedures.

A circular will be published for shareholders to clarify the capital hike reasons and objectives within sufficient time prior to the extraordinary general assembly meeting, so as to enable shareholders to vote on the capital increase through debt conversion.

The CMA’s approval of a particular company’s request for capital hike should never be viewed as an endorsement of the feasibility of the capital increase for the purposes of a transaction.

In July, the Saudi mining submitted a capital increase request to the CMA, Argaam reported.