Maaden buys Dutch firm Mosaic's stake in key phosphate unit
RIYADH, 13 hours, 53 minutes ago
Saudi Arabian Mining Company (Ma'aden) has announced that it has acquired the entire share capital owned by Netherlands-based Mosaic Phosphates BV in its key subsidiary - Wa'ad Al Shamal Phosphate Company - as well as related marketing rights for phosphate and fertilizer products.
Headquartered in Amsterdam, the Mosaic Company is the world’s leading integrated producer of concentrated phosphate and potash - two of the three most important nutrients in agriculture - with a 13,000-strong work force.
This move comes following a major dvelopment at Ma'aden Company Extraordinary General Assembly Meeting, where the shareholders gave the go-ahead for a capital increase of Ma'aden Company from SAR 36.917 billion ($9.8 billion) to SAR38.027 billion ($10.1 billion), said the Saudi group in its filing to Saudi bourse Tadawul.
This represented a 3.01% increase in the current share capital of Ma'aden, it stated.
This capital hike was mainly for the acquisition of the entire share capital owned by Mosaic Phosphates BV (in addition to Mosaic's Marketing Rights in its capacity as guarantor) in Ma'aden Wa'ad Al Shamal Phosphate Company.
For this purpose, a total of 111 million new ordinary shares were issued with nominal value of SAR10 per share.
Maaden said that all the acquisition procedures have been finalised and the compensation shares deposited and listed as of December 24, 2024, in favour of Mosaic Global Netherlands.
The financial impact of the acquisition will be reflected in Ma'aden's consolidated financial statements for the year ended December 31, 2024, it added.-TradeArabia News Service
