Saudi Maaden mulls $1.07bn IPO


24/Jan/2006
TradeArabia.com

Saudi state mining company Maaden plans to raise SR4.0 billion ($1.07 billion) in an initial public offering of 50 per cent of its capital in September, a local newspaper reported.

Al Madina newspaper quoted Maadens vice-president Mohamed Dabbagh as saying the IPO would offer 80 million shares to allow the company to double its capital to SR8.0 billion.

The firm has said the IPO would cover its gold, bauxite and phosphate operations. Company officials could not be reached immediately for comment today.

The firm has embarked on ambitious development projects that include exploiting phosphate reserves in the north to start exporting fertilisers by 2008 and mining bauxite for aluminium production.

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With the way things are going, this will be another frenzy

u should see qatar man. Football stadium filled with ppl waiting in line for the IPO.

I have heard. Good thinking by the Qataris in using a stadium. Much more orderly than the chaos we've had in other IPOs.

Anyway, the really huge one to look out for is the long awaited floating of NCB, whenever it happens.

Any chance of them allowing non-khaleejis to apply for shares in IPOs?

The UAE already allowed none khaleejis in their IPOs.

Another two big IPOs of Jabal Omar and Kayan are coming in the second quarter. Save some liquidity for that.