Saudi Arabian Mining Company (Ma'aden) said the take-up on its QR5.6 billion ($1.5 billion) rights issue was 93.97 per cent, with the remaining shares to be offered to institutional investors next week.

Shareholders subscribed to shares worth 5.26 billion riyals during the offer period, according to a statement to Saudi's bourse.

Institutional investors can subscribe to the unallocated shares for a 24-hour period from 0700 GMT on Sunday, with shares allocated to the highest bids and on a pro rata basis if there are matching bids.-Reuters