Ma’aden buys SABIC out of Bahrain’s Alba in push towards green metals: Saudi Basic Industries (Sabic) wrapped up the sale of its entire 20.62% stake in Bahrain Bourse-listed Aluminium Bahrain (Alba) to Saudi Arabian Mining (Ma’aden) following regulatory approvals, according to two separate filings to Tadawul (here and here). Sabic lined up some SAR 3.6 bn in proceeds from the sale, which saw Ma’aden purchase some 292.8k ordinary shares in Alba from a subsidiary of Sabic.

REMEMBER- Ma’aden agreed to acquire a stake in Alba through a share swap to cross-list it on the Saudi Exchange last September. The move was initially part of a scrapped plan that included a potential merger between Ma’aden and Alba.

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.

Market Reax: Ma’aden’s stock climbed 0.31% on the news closing at SAR 48.35 yesterday, while Sabic’s share price remained unchanged at SAR 65.70. Meanwhile, Alba’s stock was up nearly 0.1% at BHD 1.10.

ADVISORS- Merrill Lynch KSA has been the financial advisor for Ma’aden, with AS&H Clifford Chance Law Firm serving as counsel. Meanwhile, Moelis & Company UK has been Alba’s financial advisor on the transaction.

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