The Saudi Capital Market Authority has announced the approval of the request of the Saudi Arabian mining company “Maaden” to increase its capital from 12.3 billion riyals to 24.6 billion riyals, granting a free share for each share existing held by the shareholders registered in the shareholder of the issuer register with the Deposit Center at the end of the second trading day following the expiry date.
The company’s board of directors will determine the expiration date in a second step, on condition that the value of the capital increase will be paid by transferring an amount of 10.73 billion riyals from the “issue premium” item and an amount of 1.566 billion riyals from the “retained earnings and reserves “.
The authority said the number of shares will increase from 1.23 billion shares to 2.46 billion shares, an increase of 1.2 billion shares. Provided that the date of convocation of the extraordinary general meeting does not exceed six months from the date of tale approval and that the company carries out the legal procedures and obligations in matter.
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