‎Maaden OK for capital hike to buy Wa’ad Al Shamal

Saudi Arabian Mining Co.’s (Maaden) shareholders approved the proposal for the company’s capital increase from SAR 36.91 billion to SAR 38.02 billion, through issuing 111.01 million ordinary shares, the company said in a statement to Tadawul.

The purpose is to acquire the entire stake of Mosaic Phosphates BV in Ma’aden Wa’ad Al Shamal Phosphate Co, including related marketing rights for phosphate and fertilizer products.

Advertisement

This will be pursuant to the stock purchase and subscription agreement (SPSA), signed in April between the two companies.

Saudi Arabian Mining Co.’s (Maaden) shareholders approved the proposal for the company’s capital increase from SAR 36.91 billion to SAR 38.02 billion, through issuing 111.01 million ordinary shares, the company said in a statement to Tadawul.

The purpose is to acquire the entire stake of Mosaic Phosphates BV in Ma’aden Wa’ad Al Shamal Phosphate Co, including related marketing rights for phosphate and fertilizer products.

This will be pursuant to the stock purchase and subscription agreement (SPSA), signed in April between the two companies.