Maaden has announced the acquisition of full ownership of Maaden Aluminium Company and Maaden Bauxite and Alumina Company, signaling a strategic move to enhance operational efficiency and align with Saudi Arabia's economic diversification goals.
Information on the Target
The Saudi Arabian Mining Company, known as Maaden, has initiated a significant strategic acquisition by securing full ownership of Maaden Aluminium Company (MAC) and Maaden Bauxite and Alumina Company (MBAC). Previously, these entities were co-owned with Alcoa Corporation, which now relinquishes its stake in these pivotal assets.
This acquisition will involve a capital increase elevating Maaden's total from SAR 38.03 billion to SAR 38.89 billion through the issuance of 85,977,547 new ordinary shares. These shares, termed “Consideration Shares,” reflect a 2.26% equity increase that will be distributed to Alcoa Saudi and AWA Saudi in exchange for their respective 25.1% holdings in MAC and MBAC. Additionally, Maaden will provide a cash payment of SAR 562.5 million to AWA Saudi.
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Industry Overview in Saudi Arabia
Saudi Arabia's aluminum industry has shown substantial growth, underpinned by the country's vast mineral reserves and favorable investment climate. Historically, the industry has benefitted from significant foreign investments, providing the technical
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Disclosed details
Transaction Size: $9,676M
Enterprise Value: $5,258M
Equity Value: $3,378M