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State-backed Saudi Arabian Mining Company (Ma’aden) has announced its intention to issue US dollar-denominated trust certificates.
The issuance is expected to be through a special purpose vehicle and will be available to eligible investors in Saudi Arabia and abroad, the miner confirmed on Tuesday.
The size of the offering, which is under the company’s International Trust Certificate Issuance Programme, will be determined subject to market conditions.
The kingdom’s largest mining company has mandated Citigroup Global Markets Limited, HSBC Bank, Al Rajhi Capital Company, BNP Paribas, GIB Capital, JP Morgan Securities, Natixis, Saudi Fransi Capital, SNB Capital Company and Standard Chartered Bank as joint lead managers for the offering.
Ma’aden has recently shared plans to invest more than $10 billion over the next few years to support the company’s growth. Around $2.5 billion is expected to be earmarked annually over the next five years to expand the miner’s phosphates, aluminium, gold and base metals businesses, the company’s CEO Bob Wilt, told Bloomberg last month.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com