Maaden ends talks on proposed deal with Alba

10:14 AM (Mecca time) Argaam
Logos ofSaudi Arabian Mining Co. (Maaden) andAluminium Bahrain B.S.C. (Alba)

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

Saudi Arabian Mining Co. (Maaden) agreed with Aluminium Bahrain (Alba) to terminate discussions on the proposed deal, the company said in a statement to Tadawul today, Jan. 13.

 
The proposed deal would have seen Maaden subscribing to new shares in Alba in exchange for an in-kind contribution. This contribution included the entire capital of Maaden Aluminium Co. (MAC) and Maaden Bauxite and Alumina Co. (MBAC), as well as the contractual rights related to the marketing and sale of products produced by Maaden.

 

For more news and details on M&As

 

The mining major stated that the two companies signed an agreement to terminate the term sheet immediately.

 

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

 

The move aimed at enabling Maaden to acquire the seller's entire stake in Alba, comprising 292.8 million ordinary shares, representing 20.62% of Alba's capital.

 

Pursuant to the SPA, Maaden was to pay a cash amount to the seller in the range of BHD 363.08 million to BHD 398.2 million (nearly SAR 3.62-SAR 3.97 billion). The agreed-upon amount will be determined in accordance with the mechanism specified in the SPA.

 

Maaden recently extended the validity period of the term sheet with Alba, which required the parties to finalize a binding agreement related to the proposed deal from Dec. 31, 2024, to April 30, 2025.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.