RIYADH: Shareholders of Saudi Arabian Mining Co., also known as Ma’aden, have approved a capital hike plan in addition to the board’s proposal to withhold dividends for 2021.
The company is looking to double capital from SR12.3 billion ($3.3 billion) to SR24.6 billion by issuing bonus shares, according to a bourse filing.
The Riyadh-based firm’s shareholders will get one bonus share for every existing share, whereby the number of outstanding shares will increase from 1.23 billion to 2.46 billion.
Ma’aden said the move comes in a bid to “strengthen its capital base,” which contributes to boosting the future growth plans.
