Saudi Arabian Mining Company (Maaden) has announced that it has won approval from its shareholders to increase the company's capital by 100% to SR24.6 billion ($6.6 billion) from the earlier figure of SR12.3 billion ($3.3 billion) through one-for-one bonus share distribution.

 

The go-ahead from the shareholders came during an extraordinary general assembly held yesterday (May 30).

 

The increase in capital will be implemented through capitalisation of SR12.3 billion from the retained earnings and part of the statutory reserve. Each shareholder will be granting one bonus share for each share, stated Maaden in its filing to the Saudi bourse Tadawul.

 

The move is mainly aimed at strengthening Maaden's capital base, thus contributing to its future growth plans, it added.-TradeArabia News Service