Ma’aden buys SABIC out of Bahrain’s Alba in push towards green metals: Saudi Basic Industries (Sabic) wrapped up the sale of its 20.6% stake in Bahrain Bourse-listed Aluminium Bahrain (Alba) to Saudi Arabian Mining (Maaden) following regulatory approvals, according to two separate filings to Tadawul on Wednesday (here and here). Sabic lined up some SAR 3.6 bn in proceeds from the sale.

This has been in the making for some time: Ma’aden signed a share purchase agreement to acquire Sabic’s entire 20.6% stake — about 292.8k ordinary shares — in Alba back in September.

REMEMBER- The two companies signed a non-binding Heads of Terms agreement back in September that would have seen the Saudi mining giant acquire a 51% stake in Alba through a share swap to cross-list it on the Saudi Exchange last September, but both companies agreed to scrap the plan last month.

ICYMI- Alba is expanding its green aluminum production. The company partnered with Japan’s Daiki Aluminium in August 2024 to develop a recycling facility for aluminum dross—a byproduct of the smelting process—to recover valuable metal and cut waste. Meanwhile, Alba is installing a 680.9 MW hydrogen-ready turbine, the first of its kind globally, at its fifth power plant. The company is also working with Mitsubishi to develop CO2 capture technology, aiming to remove 500k-1 mn metric tons of emissions per year by 2030.

ADVISORS- Merrill Lynch KSA is the financial advisor, while AS&H Clifford Chance Law Firm is serving as the legal advisor. Moelis & Company UK is advising Alba on the transaction.

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