Riyadh – Mubasher: Almasane Alkobra Mining Company (AMAK) has officially submitted its application file to the Capital Market Authority (CMA) for a capital increase through a rights issue, according to a bourse filing.

The proposed offering will raise the capital by SAR 680 million, representing a major step in the company’s financial strategy.

The capital hike request also follows the formal recommendation issued by AMAK’s board of directors earlier in 2026.

The submission of the application file took place on 21 May 2026; meanwhile, this regulatory filing is the direct result of a strategic decision-making process that was first disclosed to the public on 16 February 2026. At that time, the company’s board of directors recommended a capital increase to support the firm's balance sheet and future corporate objectives.

In the context of the Saudi capital market, a rights issue allows existing shareholders the opportunity to subscribe to new shares in proportion to their current holdings. This mechanism is frequently utilized by listed companies on the Tadawul to raise equity capital while providing a priority path for current investors to maintain their ownership stakes.

Furthermore, the transition from the initial board recommendation in February to the formal application submission in May reflects the comprehensive preparation required for such a significant financial transaction.

The final execution of the rights issue remains subject to the formal approval of the CMA, as well as the subsequent endorsement of the company’s shareholders during an extraordinary general assembly meeting, which will be scheduled once regulatory clearances are obtained.

It is worth noting that AMAK’s current capital stands at SAR 900 million, based on the latest data on the Saudi Exchange (Tadawul).

In the first quarter (Q1) of 2026, the listed company generated net profits worth SAR 60.10 million.