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- Alcoa (New York:AASaudi Electricity Company said on Sunday that it has entered into a binding agreement to purchase shares and subscribe with Saudi Arabian Mining Company (“Maaden”).
- Under the agreement, Saudi Aramco will sell its entire 25.1% stake in the Maaden joint venture to Maaden for approximately $1.1 billion.
- For the deal, it includes about 86 million shares of Maaden Company (worth $ 950 million) and $ 150 million in cash.
- AA currently owns 25.1% of the joint project, while it owns 74.9% metals.
- The book value of AA investments was $ 545 million as of June 30, 2024.
- Under the conditions of the deal, Saudi Aramco will keep its stocks in Maaden for a period of not less than three years.
- Under the deal, Saudi Aramco will own about 2% of the shares of the current exported minerals company.
- AA expects the deal to be closed in the first half of 2025.
- press release