SABIC completes sale of its stake in Alba to Ma’aden for $960 million
Saudi Basic Industries Corporation (SABIC) has completed the sale of its 20.62% shareholding in Aluminum Bahrain (Alba) to the Saudi Arabian Mining Company (Ma’aden), marking a significant transaction valued at $960 million. This strategic divestiture aligns with SABIC’s broader agenda to sharpen its focus on core businesses within the chemical sector and enhance shareholder returns.
The completion of this deal signifies a pivotal enhancement in SABIC’s strategy to position itself as the preferred global leader in the chemicals industry. The company is committed to high performance, operational excellence, and sustainable business practices. It aims to play a crucial role not only in the petrochemical industry but also in related sectors.
Abdulrahman Al-Fageeh, SABIC’s CEO, highlighted the strategic benefits of the transaction, stating, “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.”
Enjoyed this story?
Every Monday, our subscribers get their hands on a digest of the most trending agriculture news. You can join them too!
Discussion0 comments