Alba appoints key advisors in pursuit of merger with Maaden

Logos of Saudi Arabian Mining Company (Maaden) and Aluminium Bahrain B.S.C. (Alba)

Aluminium Bahrain B.S.C. (Alba) appointed several advisors to oversee and guide the due diligence process as it evaluates a potential merger with Saudi Arabian Mining Company (Maaden).

In a statement to the Bahrain Bourse, Alba disclosed the appointment of Moelis & Company UK LLP as a financial advisor, Hatch as a technical advisor, and McKinsey & Company as its commercial advisor.

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Additionally, PricewaterhouseCoopers Bahrain Ltd. was appointed as both a financial and tax advisor, while Teneo will serve as a public relations advisor and Freshfields Bruckhaus Deringer LLP will act as a legal advisor.

Alba emphasized its commitment to providing ongoing updates regarding this matter to ensure compliance with all relevant laws and regulations.

According to data available on Argaam, Maaden signed in September 2024 a share purchase agreement (SPA) for the acquisition of the entire 20.62% shareholding of SABIC Industrial Investments Co., a wholly owned subsidiary of Saudi Basic Industries Corp. (SABIC), in Alba.

Maaden will acquire 292.8 million ordinary shares in Alba. As a result, Maaden's stake holding in the company will be 20.62%.

Pursuant to the SPA, the consideration for the acquisition will consist of an amount paid in cash by Maaden to the seller and will be within a range of BHD 363.08 million (equivalent to about SAR 3.623 billion) to BHD 398.2 million (or about SAR 3.974 billion). The agreed-upon amount will be determined in accordance with the mechanism specified in the SPA.