Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of the Saudi Arabian Mining Company (Ma’aden) has approved raising the company’s capital through the conversion of its debt to the Public Investment Fund (PIF) to new shares.

A debt, in the amount of SAR 2.986 billion ($796.37 million), will be converted, by issuing 62.1 million shares to the PIF.

The issuance will be priced at SAR 48.08 per share, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

This shall raise the company’s capital by 5.32% to around SAR 12.3 billion from about SAR 11.684 billion.