Image Credit: Bloomberg
Saudi Arabia’s Ma’aden acquires Saudi chemical manufacturing company SABIC’s 20.62 per cent stake in Aluminium Bahrain (ALBA), the multi-commodity metals and mining company said in a statement on Tuesday.
This acquisition aligns with Maaden’s strategy to expand its regional presence and record a ten-fold growth by 2040. The announcement comes on the back of the news that Ma’aden and Alba signed a deal to explore the potential to form a global aluminum powerhouse in the region.
Maaden would also sell the entire share capital of the units – Maaden Aluminium Co., and Maaden Bauxite and Alumina Co. – to ALBA. In exchange, Alba would issue new shares for allotment to Maaden.
The firms also agreed to seek a cross-listing of Alba shares on the Saudi stock exchange. The companies signed non-binding heads of terms, and the proposal is pending regulatory approvals, according to the statement.
Alba’s shares jumped 10 per cent when trading opened in Bahrain, the most in over a year. Maaden’s stock rose 3.4 per cent.
Maaden and Alba have become major players in the global aluminum industry in recent years, particularly in value-added products that have historically been dominated by a handful of suppliers. The expanded company would be one of the world’s biggest aluminum producers.
Ma’aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world, with revenues of SAR 29.3 billion ($7.8 billion) in 2023.
On Sunday, the company signed a deal with Alcoa Corp. to purchase its holdings in a bauxite facility and an aluminum smelter for $1.1 billion of cash and stocks.
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