This move aligns with Ma’aden’s strategy to grow its operations tenfold by 2040. Credit: Adwo/Shutterstock.

Saudi multi-commodity metals and mining company Ma’aden has agreed to acquire a 20.62% stake in Aluminium Bahrain (Alba) from Saudi Basic Industries Corp (SABIC).

This move aligns with state-owned Ma’aden’s strategy to grow its operations tenfold by 2040, with aluminium playing a crucial role.

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SABIC expects proceeds of around $963.25m–$1.06bn from the sale, which is contingent on the fulfilment of standard closing conditions such as regulatory approval.

This capital will be used to fuel’s SABIC growth in the chemicals space.

In a stock exchange filing, SABIC said: “This transaction is in line with the company’s priorities of optimising its portfolio and focusing on its core business to drive improved returns and reallocate capital towards higher margin opportunities, and to be the preferred world leader in chemicals.”

This deal comes on the heels of Ma’aden’s non-binding deal exploring the combination of its aluminium operations with Alba.

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In a strategic consolidation of its aluminium assets, Ma’aden also sealed a share purchase and subscription agreement with its long-term partner, Alcoa.

The agreement will result in Alcoa swapping its shares in Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company for Ma’aden shares.

Ma’aden CEO Bob Wilt said: “As we continue in our growth journey, the acquisition of shares in a highly experienced, well-developed regional and global aluminum player firmly supports our ambitions.

“This week we have announced a number of transactions that align with our strategic intent to strengthen and expand our business both regionally and internationally, further building mining as the third pillar of the Saudi economy.”