Riyadh – The shareholders of Saudi Arabian Mining Company (Ma’aden) greenlighted a 50% capital raise to SAR 36.91 billion from SAR 24.61 billion by granting one bonus share for every two shares.
Ma’aden will capitalise SAR 12.30 billion from the statutory reserve and the retained earnings accounts, according to a bourse filing.
Subject to regulatory approvals, the new capital will be distributed over 3.69 billion shares, instead of 2.46 billion shares prior to the hike.
The increase aligns with the company’s future growth plans to boost its capital base.
It is worth mentioning that the shareholders approved the capital hike during the extraordinary general meeting (EGM) that was held on 7 June.
This followed the 100% capital raise to SAR 24.61 billion from SAR 12.30 billion that was announced last year.
During the first quarter (Q1) of 2023, Ma’aden recorded an annual plunge of 80.69% in net profit after Zakat and tax to SAR 419.41 million from SAR 2.17 billion.
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