SABIC OGM approves Alba stake sale to Maaden for SAR 3.6B

Logo of Saudi Basic Industries Corp. (SABIC)

Saudi Basic Industries Corp.’s (SABIC) shareholders approved, in an ordinary general meeting (OGM) held on April 9, the transactions and contracts concluded by SABIC Industrial Investments Co., which is wholly owned by SABIC, and Saudi Arabian Mining Co. (Maaden).

The deal is a related party transaction as the board’s Vice Chairman, Mohammed Al-Qahtani, has an indirect interest as he is a member of the Maaden board.

For more news and details on M&As

Shareholders also authorized the board of directors to distribute interim cash dividends for 2025 semi-annually or quarterly.

Meanwhile, they elected board members for the new three-year board term starting April 10, 2025.

The newly elected board includes Khalid Al-Dabbagh, Mohammed Al-Qahtani, Abdulrahman Al-Fageeh, Ziad Almurshed, Faisal Al-Faqeer, Yousef Alzamel, Lucrèce Foufopoulos-De Ridder, Mohammed Al-Subaie and Ramesh Ramachandran.

According to data compiled by Argaam, SABIC and Maaden announced in February the completion of the regulatory process by Maaden to acquire the entire stake of SABIC Industrial Investments Co. in Alba.