Decision comes a day after Ma’aden signed a non-binding agreement with Alba to potentially create global aluminum produce D RIYADH: Saudi Arabian Mining Co. has signed an agreement to acquire Saudi Basic Industries Corp.’s 20.62 percent shareholding in Aluminium Bahrain, or Alba, as it continues to pursue regional growth opportunities. According to a press statement, the sale proceeds are expected to be within a range of SR3.62 billion ($960 million) and SR3.97 billion. The decision to acquire SABIC’s share comes just a day after the mining firm, also known as Ma’aden, signed a non-binding agreement with Alba to potentially create a global aluminum producer. The deal outlines plans to merge the Saudi firm’s aluminum operations with Alba’s. In the statement, Ma’aden added that the transaction is indicative of its ambitions to expand tenfold by 2040, with its aluminum business a core contributing factor to that strategy. “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,” said Bob Wilt, CEO of Ma’aden. He added: “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.” In the statement, SABIC further said that the transaction will enable the company to optimize its portfolio, focus on its core business, and further strengthen its growth in the chemicals industry. “We value our fruitful partnership with Alba over the years, which has contributed significantly to SABIC’s growth,” said Abdulrahman Al-Fageeh, CEO of SABIC. He added: “Once this transaction is finalized, we will be better positioned to reinforce our strategy to become the preferred world leader in chemicals and support the successful realization of Saudi Vision 2030.” The chemical manufacturing company added that the transaction will also contribute to improved returns and the reallocation of capital to opportunities with higher margins. SABIC further said that the completion of this transaction is conditional upon obtaining all regulatory approvals from relevant authorities in Saudi Arabia and Bahrain.