DUBAI May 26 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
($1 = 3.7505 Saudi Riyals)
(Reporting By Mirna Sleiman; Editing by Praveen Menon)