Saudi's Ma'aden appoints HSBC as advisor for 5.6 bln riyal rights issue
 

Saudi Arabian Mining Co, or Ma'aden, has appointed HSBC Saudi Arabia as financial advisor for 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 seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. Ma'aden is in the middle of an extensive expansion through its Waad al-Shamal project in the **rth of the kingdom.

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