Maaden has announced developments regarding the use of the SAR5.6bn rights issue proceeds that were obtained during the period 18 November 2014 to 02 December 2014 . As of end of 4Q17, the company allocated SAR5.291bn to the following: i) SAR23.9mn for advisory fees; ii) SAR 4.750bn as an equity investment in Maaden Wa’ad Al Shamal phosphate company; and iii) SAR509mn to repay its outstanding murabaha amounts that were used to finance costs incurred by Maaden Bauxite and Alumina Company. The company also mentioned that SAR312mn (remaining proceeds) will be used to finance its investment in Wa’ad Al Shamal project. 

Maaden: SAR51.68 as of 26 Feb. 2018, Rating: Sell, TP: SAR42.00/share, MCap: USD16,097mn, MAADEN AB/1211.SE