Logo of Saudi Arabian Mining Co. (Maaden)
Saudi Arabian Mining Co.s (Maaden) shareholders approved increasing capital by 2.26% from SAR 38.03 billion to SAR 38.89 billion, during the extraordinary general meeting (EGM), held on June 24, according to a statement to Tadawul.
The capital hike is aimed at acquiring the entire shares held by Alcoa Smelting Investments Saudi Arabia B.V. in Maaden Aluminium Co. (MAC), and the entire ownership of AWA Saudi Limited in Maaden Bauxite and Alumina Co. (MBAC).
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Capital Increase Details
Current Capital
SAR 38.03 bln
Number of Shares
3.8 bln
Increase Size
85.98 mln
Increase Percentage
2.26%
New Capital
SAR 38.89 bln
Number of Shares
3.88 bln
Reason
Maaden seeks to acquire the entire 25.1% stake (128.01 million ordinary shares) held by AWA in MBAC and Alcoa Saudis 25.1% stake (165 million ordinary shares) in MAC .
The company added in a statement on Tadawul that the approval included authorizing the board of directors, or any person authorized by the board, to issue any resolution or take any action that may be necessary to implement this decision.
