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Maaden to acquire Sabic’s stake in Bahrain’s Alba

By Pramod Kumar
Maaden will become the second-largest shareholder in Alba, holding a 20.62% stake on completion of the deal Alba
Maaden will become the second-largest shareholder in Alba, holding a 20.62% stake on completion of the deal

Saudi Arabian Mining Company (Maaden) will acquire Saudi Basic Industries Corporation’s (Sabic) 20.62 percent share in Aluminium Bahrain (Alba) as part of its global growth strategy.

The Saudi-listed mining major aims to grow ten times by 2040, with its aluminium business being the core contributor.

Maaden will become the second-largest shareholder in Alba, holding a 20.62 percent stake on completion of the deal. Additionally, the company will secure two seats on Alba’s board.

This week Maaden and Alba, one of the world’s largest aluminium smelters, signed a non-binding agreement to explore forming a “global powerhouse” in aluminium production.

In a separate statement to the Saudi Exchange (Tadawul), Sabic said its wholly owned subsidiary, Sabic Industrial Investment Co, owns 292,804,000 ordinary shares in Alba.

The stake sale is expected to generate between SAR3.6 billion and SAR4 billion ($960 million-$1.07 billion), which will be used to “reinforce its growth in the chemicals sector”.

The deal is subject to regulatory approvals.

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