Jul 06, 2008
Riyadh, Saudi Arabia, 6 July 2008: The IPO of the Saudi Arabian Mining Company (Ma'aden) got off to a strong start last week, with the institutional tranche more than twice covered by total institutional demand of around SR5.5 billion.
Ma'aden, which is wholly-owned by the Saudi Government, is selling 50% of its share capital to Saudi institutional and retail investors. The Company is offering 462.5 million shares at SR20 each.
The subscription period for CMA-authorised financial institutions began on Saturday 21 June 2008 and closed on Saturday 28 June 2008. Up to 27% of the offered shares will be available to such institutional investors; however this portion may be decreased to 5% in favour of the retail tranche. Subscription for the retail tranche begins on Saturday 5 July 2008 and will last until Monday 14 July 2008.
In addition, Ma'aden has declared through JP Morgan, Financial Advisor and Sole Bookrunner, and Sambacapital, Lead Manager and Lead Underwriter, that the result of the first day of their IPO saw subscriptions worth SR 822,998,500 which equates to 14% coverage of the offering by some 532,517 subscribers.
Ma'aden advised that take-up through electronic channels, such as telephone and internet banking as well as via ATMs represented 96% of the transactions. The remaining 4% of subscriptions have been made directly at bank branches.
NOTES TO EDITORS
About Ma’aden
Ma'aden was established as a Saudi Arabian joint stock company in March 1997 to facilitate the development of Saudi Arabia’s non-petroleum mineral resources and to diversify the Kingdom’s economy away from the petroleum and petrochemical sectors. Ma’aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. In July 2008 Ma’aden offered 50% of the company’s shares for subscription in a successful SR 9.25 billion IPO. Ma’aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health and safety, environmental and social issues.
Ma'aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. The company is committed to the best international and local standards in environmental regulations and values its role in Corporate Social Responsibility.
Ma'aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health, safety, environmental and social issues.
Maaden
Aqeel Alonazi
Ma'aden Corporate Communications Department
T: +966 55 3063813
E: alonaziam@maaden.com.sa