RIYADH: Saudi Arabian Mining Co., the Gulf’s largest miner, which is known as Ma’aden has got the Capital Market Authority’s approval to double its capital by issuing bonus shares.
The Riyadh-based firm will boost its capital from SR12.3 billion ($3.3 billion) to SR24.6 billion, whereby shareholders will get one bonus share for every existing share, CMA said in a statement.
The firm plans to finance the capital expansion from its share premium account and retained earnings.
The transaction will increase the number of outstanding shares from 1.23 billion to 2.46 billion.