The Saudi Arabian Mining Company (Maaden) announces that the third Extraordinary General Assembly meeting was held at 4:30 PM on Thursday, 20/01/1436H corresponding to 13/11/2014G at the Companys Headquarter in Riyadh. After the legal quorum was met, the General Assembly has issued the following resolutions:
First: The Appointment of Suliman bin Saad Al Homiade for the vacant seat of (independent member) of Maadens Board of Directors for the term which starts on 1/1/1436H (corresponding to 25/10/2014G) for a period of three years.
Second: Approve the Board of Directors recommendation to increase the Companys capital as follows:
1. Increase the companys capital through right issue from SAR 9,250,000,000 to SAR 11,684,782,610.
2. The percentage of the capital increase is 26.3%
3. The number of shares before the increase is 925,000,000 shares and the number of shares after increase will be 1,168,478,261 shares.
4. The total proceeds from the offering of the rights will amount to SAR 5,600,000,000.
5. 1 rights will be issued for every 3.8 share owned.
6. The offer price is SAR 23 per share, inclusive of the nominal value of SAR ten (10) per share.
7. The rights will be issued to the shareholders registered in the Companys share register at the end of the trading day of the third Extraordinary General Assembly.
8. The objective of the capital increase is to fund the Companys investments in the phosphate industry, particularly in the building of an integrated facility for phosphate production at Waad Al-Shamal Mineral Industrial City and Ras Al-Khair City, in addition to continued funding for aluminium operations related to the mine and the refinery being constructed by MBAC.
Third: Approve the amendment of article (8) of the Companys bylaws in respect of the Companys share capital pursuant to such increase in capital.
The Subscription periods for new shares and trading of rights will be announced subsequently.
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