Ma'aden, Saudi Arabia's premier mining company, has reached an agreement to acquire SABIC's 20.62 per cent stake in Aluminium Bahrain (ALBA). This acquisition reflects Ma'aden's ongoing commitment to regional expansion and aligns with its ambitious goal to achieve a tenfold growth by 2040.
The announcement follows the news that Ma'aden and Aluminium Bahrain (Alba) have agreed on non-binding Heads of Terms to explore the possibility of creating a global aluminium powerhouse in the region. Additionally, Ma'aden revealed plans to consolidate its aluminium business through a Share Purchase and Subscription Agreement with long-term partner Alcoa.
Bob Wilt, CEO of Ma'aden, stated, "As we continue in our growth journey, the acquisition of shares in a highly experienced, well-developed regional and global aluminium player firmly supports our ambitions. This week we have announced a number of transactions that align with our strategic intent to strengthen and expand our business both regionally and internationally, further building mining as the third pillar of the Saudi economy."
Under this agreement, Alcoa will exchange its shares in both Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC) for shares in Ma'aden. The aluminium sector will play a crucial role in driving this growth strategy.
Responses
