London/Riyadh, 11 August 2008 - Baker & McKenzie has advised Ma'aden on its initial public offering (IPO) of shares which have been listed on the Saudi Stock Market. The IPO involved the issue of 462.5 million shares, raising SR9.25 billion (approximately US$2.46 billion)  and representing 50% of the company's capital following the Offering. The IPO was twice oversubscribed.

Ma'aden was established as a Saudi joint stock company in March 1997 and was formerly wholly-owned by the Saudi Government. Its purpose is to facilitate the development of the country's non-petroleum mineral resources, and to diversify the Kingdom's economy from the petroleum and petrochemical sectors.  The IPO proceeds will partly finance large scale projects designed to turn Ma'aden into a world class producer of phosphates and aluminium ingot in addition to funding an expansion of its existing gold business.

Commenting on the transaction, Clive Cook, Capital Markets Partner at Baker & McKenzie, said: ''This is one of the largest equity transactions in the Middle East this year and will enable Ma'aden to realise its expansion plans.  It also represents a significant achievement in the wider context of Saudi Arabia's privatisation strategy''.

''The fact that the IPO was oversubscribed, despite current market conditions, suggests there is continued strong interest and confidence in this region,'' he added.

The Baker & McKenzie team was led by Partners Karim Nassar (in Riyadh), and Clive Cook (in London), and associates Robert Eastwood (in London) and Zahi Younes (in Riyadh).

JP Morgan was financial advisor and sole bookrunner for the IPO, and Sambacapital was lead manager and lead underwriter.