Saudi Miner Said to Weigh World's Biggest Rights Issue in a Year - Bloomberg:
Saudi Arabian Mining Co. is weighing a plan to raise as much as $5 billion through a rights offering that could be the biggest since mid-2018, according to people with knowledge of the matter. The shares slumped.
The company, also known as Maaden, is working with HSBC Holdings Plc’s Saudi Arabia unit on the possible offering that could happen later this year, some of the people said, asking not to be identified because the information is private. The size of the rights issue hasn’t been finalized and could end up being smaller, they said.
The Public Investment Fund, which owns a 65% stake in the mining firm, would also participate in the rights issue through a debt-for-equity swap and exchange its loans to Maaden subsidiaries into equity, the people said.
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