Saudi's Ma'aden appoints HSBC as advisor for 5.6 bln riyal rights issue

DUBAI Mon May 26, 2014 8:57am EDT

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DUBAI May 26 (Reuters) - Saudi Arabian Mining Co, or Ma'aden, has appointed HSBC Saudi Arabia as financial advisor for its planned 5.6 billion riyals ($1.49 billion)rights issue, the company said in a statement on Monday.

Ma'aden had earlier this month said it was seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business.

The company is yet to receive shareholder and regulatory approval for the issue, it said in the bourse statement.

Ma'aden is in the middle of an extensive expansion through its Waad al-Shamal project in the north of the kingdom. The $9 billion scheme will include a phosphate mine, several major processing facilities, smaller downstream factories and a residential area. ($1 = 3.7505 Saudi Riyals) (Reporting By Mirna Sleiman; Editing by Praveen Menon)

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