SABIC completes sale of Alba shares to Maaden for $963m
Saudi Basic Industries Corporation (SABIC) has announced the completion of the regulatory process to sell its 20.62% shareholding in Aluminum Bahrain (Alba) to the Saudi Arabian Mining Company (Ma'aden), with a financial consideration of BHD363,076,960 ($963.52 million).
The completion of the transaction enhances SABIC's position and reinforces its strategy to become the preferred world leader in chemicals by focusing on high performance, operational excellence, business sustainability, and on playing a leading role both in the petrochemical industry and relevant industries, the company said.
Abdulrahman Al-Fageeh, SABIC CEO, said: 'With this transaction, we are in a better position to enhance our portfolio, focus on core businesses and strengthen our sustainable growth. It further enables us to optimize capital reallocation and invest in opportunities with higher margins, which improves total returns to shareholders and supports the successful realization of Saudi Vision 2030.'
He added: 'We greatly value our fruitful partnership with Alba, which has contributed significantly to the growth of SABIC's business over the years, a partnership that has driven the development of this sector, by contributing to the GDP and creating specialized manufacturing industries in this field.' - TradeArabia News Service
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