Alba CEO says deal with Maaden ended with ‘mutual agreement’, ‘no disputes’

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

Saudi Arabian Mining Co.’s (Maaden) agreement with Aluminium Bahrain (Alba) to terminate discussions on the proposed merger deal came with mutual agreement, said Alba CEO Ali Al Baqali, denying any disputes or contradiction in terms.

He added that the mutual decision to end talks over merging the alumunium units of Maaden and Alba came based on each company’s strategy and their respective conditions, Al-Eqtisadiah newspaper reported.

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According to data available with Argaam, Maaden announced earlier today terminating discussions on the proposed deal with Alba, under which Maaden would have subscribed 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.

Maaden stated that the two companies signed an agreement to terminate the term sheet immediately.