Saudi Arabian Mining Co. (Ma’aden) announced, in a statement to the stock market that its rights issue was subscribed by 93.97% in two phases.
During the first subscription period, which started on Tuesday 25/01/1436H ( 18/11/2014) and ended on 05/02/1436H ( 27/11/2014), the number of subscribed shares amounted to 63,393,266 shares of a total value of 1,458,045,118 SAR representing 26.04% of the new shares. Meanwhile, the second subscription period, which started on Sunday 08/02/1436H (30/11/2014) and ended on Tuesday 10/02/1436H (02/12/2014), saw subscription to 165,392,390 shares of a total value of 3,804,024,970 representing 67.93% of the new shares, according to the company’s statement.
Accordingly, the total number of subscribed shares amounted to 228,785,656 new shares at the value SAR 5,262,070,088, with a coverage percentage of 93.97%. Unsubscribed shares shall be offered to institutional investors who will be invited by the lead managers HSBC Saudi Arabia and GIB Capital after consultation with the company, provided that those institutional investors submit offers for purchasing the remaining shares.
Receipt of those shares shall start at 10:00 AM on Sunday 15/02/1436H ( 07/12/2014) and shall continue until 10:00 AM on the second day, on Monday 16/02/1436H ( 08/12/2014), Ma’aden said.
The remaining Shares shall be allocated to institutional investors with the highest offer, then to the next one (provided that it is not below the offer price). The allocation of those shares to the institutional investors submitting the same offer shall be pro rata. Fractional shares shall be added to the remaining shares and treated in the same manner.