Edaa implements capital hike on Maaden

Saudi Arabian Mining Co. (Maaden) headquarters

The Securities Depository Center Co. (Edaa) applied the increase in the number of Saudi Arabian Mining Co.'s (Maaden) shares to the accounts of eligible shareholders today, Dec. 24, according to a Tadawul statement.

Earlier this month, shareholders approved the proposal for the company’s capital increase from SAR 36.91 billion to SAR 38.02 billion, through issuing 111.01 million ordinary shares, according to data available with Argaam.

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The purpose is to acquire the entire stake of Mosaic Phosphates BV in Ma'aden Wa'ad Al Shamal Phosphate Co, including related marketing rights for phosphate and fertilizer products. This will be pursuant to the stock purchase and subscription agreement, signed in April between the two companies.

Ma'aden Wa'ad Al Shamal is a joint venture between Maaden, the seller, and SABIC. The company operates an integrated facility for phosphate production with a design capacity of 3 million tons of diammonium phosphate.