抖阴短视频

RIYADH: 抖阴短视频n Mining Co., known as Ma鈥檃den, has signed a non-binding agreement with Aluminium Bahrain B.S.C., or Alba, to potentially create a global aluminum producer.

The agreement, dated Sept. 16, outlines plans to merge Ma鈥檃den鈥檚 aluminum operations with Alba鈥檚, forming a force in the global aluminum market.

The deal aims to leverage over 75 years of combined operational and financial expertise to enhance their competitive edge on the global stage, according to a press release.

Under the terms of the agreement, Ma鈥檃den will transfer the entire share capital of Ma鈥檃den Aluminum Co. and Ma鈥檃den Bauxite and Alumina Co. to Alba, including the rights to market and sell products from Ma鈥檃den Aluminum Co.

In exchange, Ma鈥檃den will acquire newly issued shares in Alba. The specifics regarding the number of shares and Ma鈥檃den鈥檚 ownership stake in Alba will be determined at a later date, as noted in a bourse filing.

This announcement comes on the heels of a deal made just a day earlier, in which US industrial giant Alcoa Corp. agreed to sell its stakes in Ma鈥檃den Aluminum Co. and Ma鈥檃den Bauxite and Alumina Co. to Ma鈥檃den.

In this transaction, Alcoa will receive $150 million in cash and newly issued shares representing approximately 2.21 percent of Ma鈥檃den鈥檚 share capital after the deal is completed.

The agreement with Alba also includes the possibility of a cross-listing on the Saudi Stock Exchange, pending further negotiations. The deal is effective immediately and will remain valid until Dec. 31.

It aligns with Ma鈥檃den鈥檚 growth and sustainability strategy, aiming to strengthen its presence in 抖阴短视频 and the broader Middle East region.

鈥淗arnessing the combined scale and expertise of both businesses to forge a new global champion will not only advance Ma鈥檃den鈥檚 ambitions for aluminum but also significantly boost the economic ties between Bahrain and 抖阴短视频,鈥� Ma鈥檃den CEO Bob Wilt said.

鈥淏y bringing together two of the region鈥檚 most experienced players in the sector, we are setting the stage for stronger economic growth, enhanced job creation, and increased aluminum production capacity. This partnership will elevate our competitive edge on a global scale,鈥� he added.

Echoing Wilt鈥檚 sentiments, Alba Chairman Khalid Al-Rumaihi said this partnership will cement the company鈥檚 position as the largest regional aluminum producer.

鈥淥ur partnership will not only deepen the strong ties between Bahrain and 抖阴短视频 but also contribute to Bahrain鈥檚 economic diversification and job creation. This is a compelling proposition and an exciting moment for Alba, Ma鈥檃den, and our respective stakeholders, and we look forward to sharing further updates in due course,鈥� Al-Rumaihi said.

The financial impact of the transaction will be assessed following a comprehensive due diligence process.

Completion of the deal is not guaranteed and depends on the satisfactory conclusion of financial, tax, legal, technical, and commercial evaluations, as well as obtaining necessary regulatory and corporate approvals.

Ma鈥檃den has engaged Merrill Lynch Kingdom of 抖阴短视频 as its financial adviser and AS&H Clifford Chance as its legal adviser. Alba has appointed Moelis & Co. UK LLP as its financial adviser.

This development comes as Ma鈥檃den reports strong financial performance, with a net profit of SR2 billion ($532 million) for the first half of the year, marking a 160 percent increase compared to the same period in 2023.