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Saudi state-owned mining company Ma’aden and Aluminum Bahrain (Alba), one of the world’s largest aluminum smelters, have signed non-binding terms to pursue the potential formation of a global aluminum business.
This potential combination of Ma’aden’s aluminum business and Alba would create a global powerhouse in aluminum production, the companies said in a news release. They also said the deal would bring together more than 75 years of combined experience with the financial strength and production capacity to compete globally.
As part of the proposed business combination, Ma’aden has agreed to buy shares in Alba in exchange for the entire share capital of two of its subsidiaries – Ma’aden Aluminium and Ma’aden Bauxite and Alumina – both part of a joint venture with US aluminum producer Alcoa.
“Harnessing the combined scale and expertise of both businesses to forge a new global champion will not only advance Ma’aden’s ambitions for aluminum but also significantly boost the economic ties between Bahrain and Saudi Arabia,” Ma’aden CEO Bob Wilt said in the statement.
“By bringing together two of the region’s most experienced players in the sector, we are setting the stage for stronger economic growth, enhanced job creation, and increased aluminum production capacity,” Wilt said, adding that the venture would ensure Ma’aden and Alba will provide access to a more expansive and reliable supply of aluminum.”
The companies have also agreed to explore a cross listing on the Saudi Stock Exchange (Tadawul), subject to terms to be agreed at a later stage.
“The potential partnership accelerates Alba’s growth strategy, creating a global champion and cementing our position as the largest regional aluminum producer,” Alba’s chairman HE Khalid Al Rumaihi said.
“This combination will allow both companies to scale-up production, extend our global presence and explore new opportunities in clean energy. Our partnership will not only deepen the strong ties between Bahrain and Saudi Arabia, but also contribute to Bahrain’s economic diversification.”
