Maaden authorizes board to offer debt instruments

Logo of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co.’s (Maaden) shareholders in an extraordinary general meeting (EGM) on Feb. 3 granted the board of directors the authority to offer debt instruments of all types, including without limitation sukuk and bonds.

The offering shall be by means of private or public offerings, directly or through one or more special purpose entities, whether such sukuk or bonds are senior or subordinated, listed or unlisted, in any currency, in one or more tranches or as a series of issuances as part of one or more program or on a standalone basis.

In a statement to Tadawul, the company said that the delegation included that the offering shall be inside or outside Saudi Arabia, in accordance with the amounts, times, tenors, rates of return, structures, listing arrangements, clearing arrangements and other conditions and details that the board of directors may, in each case, approve from time to time. This includes the guarantee or other form of credit support by the company of the obligations of the relevant special purpose entity.

The board may, in relation to the above, take all actions and measures and obtain all necessary approvals in any jurisdiction for each offering and for the establishment, maintenance and update of each program.

Shareholders granted the board the power to delegate any or all of the above authorities to any other person or persons and grant them the authority to delegate to others.

They also ratified all steps and actions taken in relation to any of the foregoing prior to the date of this resolution and approved them.