Riyadh – Mubasher: The Saudi Arabian Mining Company’s (Ma’aden) shareholders have approved to increase its capital by SAR 12.30 billion through bonus shares.

Ma’aden will raise its capital to SAR 24.61 billion from SAR 12.30 billion by issuing one bonus share for each share, according to a bourse disclosure on Tuesday.

Accordingly, the Saudi company’s shares will stand at 2.46 billion shares, compared to 1.23 billion shares prior to the raise.

The company will raise its capital by capitalising SAR 12.30 billion in statutory reserves and part of the retained earnings.

The shareholders granted their approval to the 100% capital hike during the extraordinary general meeting (EGM) that was held on Monday, 30 May.

It is worth noting that last April, the Capital Market Authority (CMA) approved the listed firm’s capital increase.