JEDDAH: Saudi Arabian Mining Company (Maaden) received approval from the Kingdom’s regulator to undertake an SR5.6 billion rights issue, a stock market filing from the Capital Market Authority said.

The price and number of new shares would be determined by a shareholder meeting which must be held within six months of the approval date, the statement said.

Maaden said in May it would seek approval for a capital increase that would fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminum business.

HSBC’s Saudi Arabian unit will manage the rights issue, the company said in a separate filing in May.