Logo of Saudi Arabian Mining Co. (Maaden)
Saudi Arabian Mining Co.’s (Maaden) shareholders will vote on increasing capital by 100%, through a one-for-one bonus share distribution, during an extraordinary general assembly, to be held on May 30, according to a bourse filing.
The capital top-up will be financed through capitalizing SAR 12.31 billion from retained earnings and statutory reserve.
|
Details of Capital Increase – Bonus Issue |
|
|
Current capital |
SAR 12.305 bln |
|
Number of shares |
1.230 bln |
|
Capital hike% |
100% (one bonus share for each existing share) |
|
New capital |
SAR 24.6 bln |
|
Number of shares |
2.46 bln |
|
Reason |
To boost capital base and finance future growth plans |
|
Method |
Capitalizing SAR 12.31 billion from the retained earnings and statutory reserve |
|
Eligibility |
To shareholders of record by the end of trading on the EGM date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date. |
On Feb 24, the board of directors recommended a 100% capital increase via a one-for-one bonus issue, Argaam earlier reported.
The Capital Market Authority (CMA) gave the green light yesterday for Maaden to increase its capital from SAR 12.3 billion to SAR 24.6 billion, through a one-for-one bonus share distribution.
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