Maaden spends SAR 5.3 bln of rights issue proceeds

Saudi Arabian Mining Co. (Maaden) has used SAR 5.29 billion out of its SAR 5.6 billion in rights issue proceeds by the end of October 2017, the company said in a statement to Saudi bourse, Tadawul on Thursday.  

The balance amounted to SAR 308 million.  

Maaden spent SAR 4.75 billion of proceeds as equity contribution to Maaden Waad Al Shamal Phosphate Co. and is planning to invest SAR 312 million in the project.  

All factories at Waad Al Shamal were put under trial run, while the ammonia facility commenced commercial operations.

Meanwhile, a total of SAR 509 million was spent to finance Maaden Bauxite and Alumina Co. In addition, SAR 7 million was used to fund the balance of its equity contribution to the project, in line with the original prospectus.
 
The bauxite and alumina plant started commercial operation in October 2016, the statement added.

The rights issue costs stood at SAR 23.9 million, compared to SAR 21 million in the prospectus due to advisory service fees.