Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Arabian Mining Company (Ma’aden) approved increasing the share capital to SAR 38.02 billion from SAR 36.91 billion.

Ma’aden’s shareholders greenlighted the 3.01% capital raise on 11 December 2024, according to a bourse disclosure.

The Saudi group will use the capital raise proceeds to acquire the entire shares of Mosaic Phosphates B.V. in Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).

As of 30 September 2024, Ma’aden posted 333.40% higher net profits at SAR 2.97 billion, compared to SAR 686.92 million in 9M-23.