Saudi Arabia’s Maaden is set to acquire two aluminium and bauxite companies.
It will acquire 100% ownership of Maaden Aluminium Company (MAC) and Maaden Bauxite and Alumina Company (MBAC), both previously co-owned with Alcoa Corporation entities.
The Saudi company’s board approved the takeovers during its 13th Extraordinary General Assembly Meeting last night (Tuesday).
The acquisition will be executed through a capital increase from SAR 38.03 billion to SAR 38.89 billion, by issuing 85,977,547 new ordinary shares, representing an equity increase of 2.26%.
These shares—referred to as Consideration Shares—will be allocated to Alcoa Saudi and AWA Saudi, in exchange for their respective 25.1% stakes in MAC and MBAC.
In addition to the share issuance, Maaden will make a cash payment of SAR 562.5 million to AWA Saudi.
The total market value of the share-based component of the transaction is estimated at SAR 3.56 billion based on the 30-day volume-weighted average price of SAR 41.44 per share.
Maaden will become the sole owner of MAC and MBAC, both key players in the regional aluminium value chain.
MAC, with a capital of SAR 6.57 billion, and MBAC, capitalized at SAR 5.1 billion, will be fully integrated under Maaden's operational control.
Maaden’s CEO Robert Wilt said: “This acquisition marks a significant step forward in our strategy to strengthen Maaden’s position in the aluminium sector and Saudi Arabia’s broader mining ecosystem.
“Full ownership of MAC and MBAC enhances our operational efficiency and opens new avenues for value creation.”
Regulatory approvals from the Capital Market Authority (CMA), Saudi Exchange (Tadawul), and relevant ministries have already been secured.
