Saudi Arabian Mining 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’ 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 finalised and could end up being smaller, they said.