DUBAI, May 26 (Reuters) - Saudi Arabian Mining Co, orMa'aden, has appointed HSBC Saudi Arabia as financial advisorfor 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 seekingshareholder approval for a capital increase to fund theexpansion of its phosphate and gold operations, as well asincrease funding for its aluminium business.
The company is yet to receive shareholder and regulatoryapproval for the issue, it said in the bourse statement.
Ma'aden is in the middle of an extensive expansion throughits Waad al-Shamal project in the north of the kingdom. The $9billion scheme will include a phosphate mine, several majorprocessing facilities, smaller downstream factories and aresidential area.($1 = 3.7505 Saudi Riyals) (Reporting By Mirna Sleiman; Editing by Praveen Menon)
HSBC Holdings (HSBA)