Maaden finalizes takeover of Alcoa, AWA shares in affiliates

Logo of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co. (Maaden) completed the acquisition of all shares owned by AWA Saudi Limited in Maaden Bauxite and Alumina Co. (MBAC), and the acquisition of Alcoa Smelting Investments Saudi Arabia B.V. shares in Maaden Aluminium Co. (MAC).

The company added in a statement on Tadawul that the consideration shares for both AWA and Alcoa (as the entitled shareholders of the new shares) were deposited and listed on July 1.

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The financial impact of the acquisition will show in Maaden’s consolidated financial statements for the fiscal year ended June 30, 2025.

The deal involves the full acquisition of AWA’s stake in MBAC, amounting to 128.01 million ordinary shares, representing 25.1% of the latter's capital.

It also included the full acquisition of Alcoa’s stake in MAC, totaling 165 million ordinary shares, representing 25.1% of the latter's capital.

The acquisition was executed through an increase in Maaden’s capital from SAR 38.03 billion to SAR 38.89 billion, reflecting a 2.26% increase in its current capital. This also led to a rise in the number of ordinary shares from 3.80 billion to 3.89 billion.

A total of 68.61 million ordinary shares were allocated to Alcoa, or 1.74% of Maaden’s post-increase issued capital.

In addition, Maaden allocated 18.37 million ordinary shares to AWA, representing 0.47% of its post-increase issued capital, and made a cash payment of SAR 562.5 million to AWA.

The company clarified that the acquisition does not involve any related parties.

According to data available on Argaam, Maaden’s extraordinary general meeting recently approved the capital hike from SAR 38.03 billion to SAR 38.89 billion by issuing 85.98 million ordinary shares. This was to acquire all shares owned by AWA in MBAC and Alcoa's stake in MAC.