Ma’aden has received the latest regulatory approval to acquire Alcoa’s 25.1% stake in its Saudi Arabia company.
On June 2, the Capital Market Authority approved Ma'aden to acquire Alcoa's 25.1% ownership in Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC).
In an announcement on the Saudi Arabian stock exchange, Ma'aden said it had received the approval of the Capital Market Authority to increase its share capital in the organisation.
According to a previously published report, Ma'aden will purchase Alcoa's shares in MAC and MBAC for $1.1 billion and get full ownership and total operational and management control of the bauxite and alumina company as well as the aluminium company.
The approval of the Capital Market Authority is one of several customary conditions for this type of transaction.
The acquisition will be discussed at Ma'aden's 13th Extraordinary Assembly General Meeting on Saturday June 7 where shareholders can vote on the transaction.