Alba Chairman expects Maaden to complete acquisition talks by Q1 2025

Khalid Al Rumaihi, Chairman of Aluminium Bahrain Co. (Alba), said talks with Saudi Arabian Mining Co. (Maaden) regarding asset valuation, financial feasibility, and plans of both companies are currently in early stages.
 

The negotiations are expected to conclude in the first quarter of 2025, Al Rumaihi told Asharq News TV on the sidelines of the Gateway Gulf Forum 2024 held in Manama.
 

He added that the company is significantly undervalued at around 4 billion riyals based on the stock price on Bahrain Bourse, especially as the listed shares represent only 10% of the company's total capital.
 

The merger deal with Maaden would benefit Alba in terms of boosting employment, future expansion, and competitiveness on a global scale, the Chairman said. He added that the company's listing on the Saudi stock market would represent a significant investment opportunity for shareholders.
 

Maaden signed, on Sept. 17, 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, according to data available with Argaam.
 

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.