{"id":85699,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/01\/maaden-acquires-25-stake-in-jv-with-mosaic-sabic\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"maaden-acquires-25-stake-in-jv-with-mosaic-sabic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/01\/maaden-acquires-25-stake-in-jv-with-mosaic-sabic\/","title":{"rendered":"Ma\u2019aden acquires 25% stake in JV with Mosaic + Sabic"},"content":{"rendered":"

Ma\u2019aden ups its stake in JV with Mosaic + Sabic:<\/strong> Saudi Arabian Mining Company (Ma\u2019aden) is acquiring an additional 25% stake in Ma\u2019aden Wa\u2019ad Al Shamal Phosphate (MWSPC) \u2014 its joint venture with petrochemicals giant Sabic and the Mosaic Company<\/a> \u2014 to bring its total stake in MWSPC to 85%, it said in a disclosure to Tadawul<\/a>. <\/p>\n

The details: <\/strong>Mosaic will offload its entire 25% stake in MWSPC in exchange for 111 mn newly issued shares in Ma\u2019aden, which will amount to 2.9% of Ma\u2019aden\u2019s share capital following the transaction. The mining company set a share swap ratio for its outgoing shares of 0.53 for every 1 share in MWSPC, which brings the total transaction value \u2014 including guarantor\u2019s rights and the fertilizer product marketing agreement \u2014 to SAR 5.6 bn. Both parties will be held to a lock-up period of 5 years.<\/p>\n

Advisors: <\/strong>Our friends at HSBC <\/strong>are financial advisors to Ma\u2019aden, while AS&H Clifford <\/strong>Chance<\/strong> will provide counsel to Ma\u2019aden. <\/p>\n

IN CONTEXT- <\/strong>The Industry and Mineral Resources Ministry unveiled last month<\/a> a SAR 685 mn incentive program for mining exploration in the Kingdom as it aims to expand the sector and tap reserves of gold, phosphate and others.<\/p>\n

ALSO-<\/strong> Ma\u2019aden\u2019s Wa\u2019ad Al Shamal Phosphate 3 project was among 12 private-sector projects selected for government incentives and support<\/a> under the Shareek program last month.<\/p>\n

IN OTHER M&A NEWS-<\/p>\n

Tadawul-listed Almunajem Foods signed a share purchase agreement to acquire an <\/strong>additional 23% of Balady Poultry <\/strong>Trading Co<\/strong>, Almunajem said in a Tadawul disclosure<\/a> yesterday. Almunajem will snap up the stake \u2014 equivalent to 1.51 mn shares \u2014 at SAR 120 per share, valuing the transaction at a total of SAR 181.3 mn. <\/p>\n

Ownership structure post-transaction:<\/strong> Once the acquisition closes, Almunajem will hold a 40% stake in Balady Poultry, after previously holding a 17% stake, it said in the disclosure. <\/p>\n

Background:<\/strong> Almunajem had acquired an initial 17% stake in Balady Poultry in March<\/a> in a transaction worth SAR 134 mn, after signing a non-binding MoU to snap up Balady Poultry stakes. The Saudi Advanced Industries Company also snapped up<\/a> 567.2k shares in Balady Poultry from \u201cmultiple shareholders\u201d over separate batches dating back from September 2023 until March.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Almunajem snaps up more of Balady Poultry<\/p>\n","protected":false},"author":1,"featured_media":85700,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[1294,1913,10,31,2720,14,138,1912],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-almunajem-foods","tag-balady-poultry-trading","tag-enterpriseam-ksa","tag-investment-watch","tag-ma","tag-ma-watch","tag-sabic","tag-saudi-arabian-mining-company-maaden","wpautop","entry"],"acf":{"mongo_id":"3ec899bd-7a3f-439f-87c0-8dacf57de897","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2271.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ma\u2019aden acquires 25% stake in JV with Mosaic + Sabic as Mosaic exits stage left","related_issue":[85690],"teaser":"Plus: Almunajem snaps up more of Balady Poultry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b36bbe59-3f25-4f95-bcf8-4ee0b61a8f8f.mp3"},"yoast_head":"\nMa\u2019aden acquires 25% stake in JV with Mosaic + Sabic - 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