Riyadh – Mubasher: The Saudi Arabian Mining Company (Maaden) has received the Capital Market Authority’s (CMA) approval on its request to raise its capital through converting debt valued at SAR 2.99 billion.

The capital raise is still pending approval of Maaden’s extraordinary general meeting (EGM) and completion of the required regulatory procedures, the CMA said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday. 

A circular stating the reasons for the capital raise will be issued sufficiently before the date of the EGM so that shareholders will be able to vote on the capital raise through debt conversion, the statement added.  

It is noteworthy that during July, the Saudi mining firm submitted a request to the CMA to increase its capital.