Maaden acquires 20.62% stake in Bahrain’s Alba

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) and Saudi Basic Industries Corp. (SABIC) announced the completion of the regulatory process by Maaden to acquire the entire stake of SABIC Industrial Investments Co., a wholly owned subsidiary of SABIC, in Aluminum Bahrain (Alba).

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The miner completed the sale and purchase of shares on Feb. 17, raising its holding in Alba to 20.62%, both companies said in statements to Tadawul.

The sale amounted to BHD 363.08 million (SAR 3.61 billion) as per the closing exchange rate on the Saudi Central Bank (SAMA) website on Feb. 9, 2025, of BHD 1.00 = SAR 9.946940.

SABIC indicated that this transaction is in line with its priorities of optimizing its portfolio and focusing on its core business to drive improved returns and reallocate capital towards higher margin opportunities.

Maaden and SABIC announced in September 2024 the signing of a share purchase agreement, allowing Maaden to acquire the entire 20.62%, or 292.8 million ordinary shares, stake owned by SABIC Industrial in Alba, Argaam earlier reported.