Ma’aden Announces Discontinuation of Discussions on Proposed Transaction with Alba

Ma’aden announced that it and Aluminium Bahrain B.S.C. (Alba) have mutually agreed to discontinue discussions regarding the proposed transaction, which involved the subscription of new shares in Alba. As part of this agreement, Ma’aden and Alba have signed a termination agreement to end the Heads of Terms with immediate effect.

This decision follows the earlier announcement by the Saudi Arabian Mining Company (“Ma’aden”) on the Saudi Exchange (Tadawul) dated September 16, 2024, regarding the signing of a non-binding Heads of Terms with Alba. The agreement was related to Ma’aden’s proposed subscription to new shares in Alba in exchange for the entire issued share capital of Ma’aden Aluminium Company (MAC), Ma’aden Bauxite and Alumina Company, and contractual rights concerning the marketing and sale of products produced by MAC.

Additionally, Ma’aden referenced its December 22, 2024, announcement on Tadawul, which extended the long-stop date for the completion of the proposed transaction.