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3% top-up is part of plan to acquire all Mosaics shares in phosphate JVSaudi Arabian Mining Company (Maaden), the kingdoms flagship mining firm, is set to go ahead with plans to increase its share capital to SAR 38.03 billion ($10.12 billion) from SAR 36.9 billion to boost its phosphate business.
The adjustment through the issuance of more than 111 million ordinary shares represents a 3.01% increase in the companys share capital.
It is meant to fund Maadens acquisition of Mosaic Phosphates entire 25% stake in Maaden Waad Al Shamal Phosphate Company (MWSPC).
MWSPC is a joint venture investment among the Saudi mining giant, which currently owns 60%, Mosaic and Saudi Basic Industries Corporation.
The new shares to be issued have a nominal value of SAR 10 a piece.
Last April, Maaden signed an agreement under which Mosaic will receive 111,012,433 shares of the mining firm in exchange for Mosaics current 25% stake in MWSPC.
The transaction will increase Maadens stake in MWSPC to 85%. |
