Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for the Saudi Arabian Mining Company’s (Ma’aden) request to increase its capital through bonus shares.

The Saudi listed firm will raise its capital to SAR 24.61 billion from SAR 12.30 billion by issuing one bonus share for every one owned share, according to a recent bourse disclosure.

Ma’aden will transfer SAR 10.73 billion from the share premium account, in addition to allocating SAR 1.56 billion from the retained earnings account for the capital hike process.

Accordingly, the company’s shares will increase by 1.23 billion shares to 2.46 billion shares, compared to 1.23 billion shares prior to the raise.

In a separate bourse filing, the CMA also approved Rabigh Refining and Petrochemical Company’s (Petro Rabigh) proposal to increase its capital through a SAR 7.95 billion rights issue.

It is worth noting that Ma’aden’s board suggested the 100% capital hike last February, when it announced a net profit worth SAR 5.22 billion achieved in 2021.

Last year, Petro Rabigh turned profitable after reporting net profits worth SAR 2.03 billion, versus losses of SAR 3.78 billion in 2020.