Maaden Completes Acquisition of 25.1% of MBAC and 25.1% of MAC

The Saudi Arabian Mining Company (Maaden) announced on Wednesday the completion of the acquisition of the entire stake of AWA Saudi in Maaden Bauxite and Alumina Company (MBAC) and Alcoa Saudi in Maaden Aluminium Company (MAC).

The Company stated in a statement on Tadawul that the replacement shares have been deposited in favour of MBAC and MAC (as the eligible shareholders of the new shares) and listed.

The acquisition involves Maaden acquiring the entire stake of AWA Saudi in Maaden Bauxite and Alumina Company (MBAC), amounting to 128,010,000 common shares, representing 25.1% of MBAC’s capital. The acquisition also involves acquiring the entire stake of Alcoa Saudi in Maaden Aluminium Company (MAC), amounting to 165,001,125 common shares, representing 25.1% of MAC’s capital. This will be achieved by increasing Maaden’s capital from SAR 38,027,858,710 to SAR 38,887,634,180, representing a 2.26% increase in Maaden’s current capital, and increasing the number of its shares from 3,802,785,871 common shares to 3,888,763,418 common shares.

(67,612,162) ordinary shares of the compensation shares will be allocated to Alcoa Saudi, representing 1.74% of the issued capital after increasing its capital, and (18,365,385) ordinary shares of the compensation shares will be allocated to AWA Saudi, representing 0.47% of the issued capital after increasing its capital, in addition to a cash consideration paid by Maaden to AWA Saudi in the amount of SAR 562,500,000.