According to the statement,Minerals“For the Saudi Stock Exchange, it will pay the value of the deal in cash at a value ranging between 363.077 million Bahraini dinars ($963.50 million) and 398.213 million dinars. The agreed amount will be determined according to a mechanism specified in the agreement, according to the statement.
The company said that the number of shares it acquired as a result of the deal amounted to 292.8 million shares.
She pointed out that the aim of the deal is to “support Maaden’s ongoing growth ambitions to grow tenfold by 2040, as its aluminium business is a key contributor to that strategy, and the acquisition of shares in highly experienced and advanced regional and international aluminium companies supports these ambitions.”
SABIC Industrial Investments is a wholly owned subsidiary of Saudi Basic Industries Corporation (SABIC).
Alba’s main activities are focused on building and operating aluminium smelters, selling aluminium inside and outside the Kingdom of Bahrain, and engaging in any commercial activities complementary to its operations.
The deal still needs to receive regulatory approvals and meet certain other internal conditions and approvals.
Maaden said it will finance the deal through its own financing sources, including available facilities.
The company said, “Upon completion of the acquisition transaction, Maaden will be the second largest shareholder in Alba, and Maaden’s ownership of Alba’s capital will amount to 20.62 percent. Maaden will have the right to appoint two members to Alba’s board of directors.”
