Maaden distributes compensations to shareholders not participating in the rights issue

The Saudi Arabian Mining Company (Maaden) announced that compensation amount of SAR 76m will be paid to shareholders who have not exercised their right in whole or in part to subscribe for the rights and to holders of fractional shares on Thursday December 18, 2014.

The Company said in a statement to Tadawul, it has appointed the National Commercial Bank (NCB) to deposit the compensation amounts to shareholders who have not exercised their subscription rights in whole or in part and to holders of fractional shares directly to the bank accounts that are linked to their investment portfolios.

According to data available on “Argaam”, the first and second subscription periods of Maaden’s IPO were 93.97% subscribed raising an amount of SAR 5.26bn for 228.76m shares.

Ma’aden sold the remaining 14.7mn shares to institutional investment for SAR 28.21 per share.