GAC OKs Maaden’s takeover of Maaden Bauxite, Maaden Aluminium

Saudi Arabian Mining Co. (Maaden) headquarters

The General Authority for Competition (GAC) approved Saudi Arabian Mining Co.'s (Maaden) acquisition of 25.1% stakes each in Maaden Bauxite and Alumina Co. (MBAC) and Maaden Aluminium Co. (MAC).

According to data available with Argaam, Maaden signed in September 2024, a share purchase and subscription agreement with Alcoa Corporation (guarantor), AWA Saudi Ltd. (first seller) and Alcoa Saudi Smelting Inversiones S.L. (second seller).

Under the deal, Maaden would acquire the entire 25.1% stake (128.01 million ordinary shares) held by AWA in MBAC. It will also buy out Alcoa Saudi’s 25.1% stake (165 million ordinary shares) in MAC.

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MBAC is a limited liability company incorporated under the laws of Saudi Arabia, which operates in mining bauxite and refines it to produce alumina. MBAC's authorized share capital is SAR 5.1 billion, divided into 510 million ordinary shares, at a par value of SAR 10 per share, of which Maaden currently owns 381.99 million ordinary shares, or 74.9% of the entire issued share capital of MBAC.

MAC is a limited liability company incorporated under the laws of Saudi Arabia, which operates in smelting, casting aluminum and its alloys, and non-ferrous metals casting. MAC's current share capital is SAR 6.57 billion, divided into 657.38 million ordinary shares, at a par value of SAR 10 per share. Maaden currently owns 492.37 million ordinary shares, representing 74.9% of the entire issued share capital of MAC.