SABIC ANNOUNCES AGREEMENT WITH MA’ADEN FOR THE SALE OF ALBA SHAREHOLDING

• Following the transaction, SABIC will be in a better position to reinforce its strategy to become the preferred world leader in chemicals.
• The completion of the transaction will enable SABIC to optimize its portfolio, focus on its core business, and further strengthen its growth in the chemicals industry.

SABIC announces the signing of an agreement with Saudi Arabian Mining Company (Ma'aden) for the sale of its 20.62% shareholding in Aluminum Bahrain (Alba). The sales proceeds are expected to be within a range of BHD 363 million to BHD 398 million (equivalent to SAR 3,624 million and SAR 3,974 million respectively).

The completion of this transaction is conditional upon obtaining all regulatory approvals from the relevant authorities in the Kingdom of Saudi Arabia and the Kingdom of Bahrain and after satisfaction of certain customary conditions set out in the Share Purchase Agreement.

Abdulrahman Al-Fageeh, SABIC CEO, said, “We value our fruitful partnership with Alba over the years, which has contributed significantly to SABIC’s growth. Once this transaction is finalized, we will be better positioned to reinforce our strategy to become the preferred world leader in chemicals and support the successful realization of Saudi Vision 2030.”

When completed, the transaction will enable SABIC to optimize its portfolio, focus on its core business, and further strengthen its growth in the chemicals industry. It will contribute to improved returns and the reallocation of capital to opportunities with higher margins.

Ps: The above news come from sabic official website.