Maaden to Fully Acquire Aluminium and Bauxite Assets in Strategic Move
Riyadh, Saudi Arabia — Maaden has announced a strategic aluminium acquisition that grants the company complete control over two vital subsidiaries in Saudi Arabia’s mining value chain. Through a share-based and cash transaction, Maaden will acquire 100% of Maaden Aluminium Company (MAC) and Maaden Bauxite and Alumina Company (MBAC), which were previously co-owned with Alcoa Corporation.
This Maaden aluminium acquisition strengthens vertical integration and expands operational oversight across the Kingdom’s aluminium supply chain.
Maaden Aluminium Acquisition Drives Vertical Integration
According to Maaden’s Shareholders Circular, the transaction involves the issuance of 85.98 million new ordinary shares. This increases its capital from SAR 38.03 billion to SAR 38.89 billion. These Consideration Shares will be issued to Alcoa Saudi and AWA Saudi in exchange for their respective 25.1% stakes in MAC and MBAC.
Maaden will also pay SAR 562.5 million in cash to AWA Saudi. Based on a 30-day average share price of SAR 41.44, the share-based component is valued at SAR 3.56 billion.
Following the deal, Maaden will own 100% of MAC and MBAC. MAC has SAR 6.57 billion in capital, and MBAC holds SAR 5.1 billion. These companies are foundational to Saudi Arabia’s aluminium production infrastructure.
Saudi Aluminium Strategy Gains Strength with Full Ownership
By consolidating MAC and MBAC, Maaden enhances its role in Saudi Arabia’s long-term mining strategy. The aluminium acquisition supports Vision 2030 goals by reinforcing industrial capacity and reducing reliance on foreign partnerships in strategic sectors.
Maaden CEO Robert Wilt noted that the transaction improves operational efficiency and opens new avenues for value creation. Following the deal, the Public Investment Fund (PIF) remains the majority shareholder with a 63.78% stake. Alcoa Saudi and AWA Saudi will hold 1.74% and 0.47%, respectively.
The company’s shareholders will vote on the agreement during its Extraordinary General Meeting (EGM) on June 24, 2025. Regulatory approvals from the Capital Market Authority, Tadawul, and other authorities have already been secured.
The Saudi Standard’s View: Consolidation That Clarifies Control
Maaden’s complete acquisition of MAC and MBAC shows a strategic shift from joint ventures to complete control. Earlier partnerships helped build local capacity. Today, however, full ownership supports faster decision-making, unified operations, and long-term competitiveness.
More critically, the deal removes structural ambiguity often found in shared ownership models. By consolidating aluminium and bauxite assets, Maaden can set more precise production targets, reinvest more flexibly, and align operations directly with Vision 2030’s value chain localization goals.
This is part of a broader trend in Saudi industrial policy—from foreign-enabled launch phases to sovereign-led maturity. We’ve seen similar patterns in petrochemicals, logistics, and even defense.
Now the test will be execution. Consolidation must lead to greater efficiency, export competitiveness, and a more substantial Saudi footprint in global metals markets.
