Sabic announces the signing of an agreement with Saudi Arabian Mining Company (Ma'aden) for the sale of its 20.62 per cent shareholding in Aluminum Bahrain (Alba).

 

The sales proceeds are expected to be within a range of BHD 363 million ($963 million) to BHD 398 million.

 

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 finalised, we will be better positioned to reinforce our strategy to become the preferred world leader in chemicals and support the successful realisation of Saudi Vision 2030.”

 

When completed, the transaction will enable Sabic to optimise 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. -TradeArabia News Service