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Saudi Basic Industries Corporation (SABIC) announces the latest developments of SABIC Industrial Investment Company (a wholly owned subsidiary of SABIC) signing an agreement for the sale of its 20.62% shareholding in Bahrain Aluminium Company (ALBA) to Saudi Arabian Mining Company (Ma'aden)
| Element List | Explanation |
|---|---|
| Previous Announcement | Saudi Basic Industries Corporation (SABIC) announces the signing by SABIC Industrial Investment Company (a wholly owned subsidiary of SABIC) of an agreement for the sale of its 20.62% shareholding in Bahrain Aluminium Company (ALBA) to Saudi Arabian Mining Company (Ma'aden). |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-09-17 Corresponding to 1446-03-14 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | This refers to the announcements made by Saudi Basic Industries Corporation (SABIC) to Tadawul on September 17 and 18, 2024 about SABIC Industrial Investment Company (a wholly owned subsidiary of SABIC) signing an agreement for the sale of its 20.62% shareholding in Bahrain Aluminium Company (ALBA) to Saudi Arabian Mining Company (Ma'aden). SABIC would like to announce the completion of the regulatory process related to the transaction and the completion of the sale of the shares and obtaining sales proceeds of BHD 363,076,960 (equivalent to approximately SAR 3,611,504,737) as per the closing exchange rate quoted on the Saudi Central Bank’s website on www.sama.gov.sa as of 9 February 2025, such rate being BHD 1.00 = SAR [9.946940]. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The sale transaction amount is BHD 363,076,960 (equivalent to approximately SAR 3,611,504,737) as per the closing exchange rate quoted on the Saudi Central Bank’s website on www.sama.gov.sa as of 9 February 2025, such rate being BHD 1.00 = SAR [9.946940].There are no changes in the costs associated with this event. |
| Additional Information | This transaction is in line with the company’s priorities of optimizing its portfolio and focusing on its core business to drive improved returns and reallocate capital towards higher margin opportunities. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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