Saudi Basic Industries Corp. — Capital/Financing Update 2024

Sep 17, 2024

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).

2010 · 17/09/2024 15:52:40 · Announcement #82579 · View on Saudi Exchange

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).

Element List	Explanation
Transaction Details	The sale by SABIC Industrial Investment Company (a wholly owned subsidiary of SABIC) of its holding of 292,804,000 ordinary shares in ALBA (representing 20.62% of its issued share capital) to Saudi Arabian Mining Company (Ma’aden).
Transaction Amount	The sales proceeds are expected to be within a range of BHD 363 million to 398 million (approximately SAR 3,624 million to 3,974 million respectively).
Transaction Conditions	The completion of the transaction will be subject to customary approvals from the relevant regulatory authorities and the satisfaction of certain conditions precedent contained in the share sale and purchase agreement.

The ordinary general assembly of SABIC shall approve the conflict of interest of Dr. Mohammed AlQahtani pursuant to Article 71 of the Companies Law, being a common director of (SABIC) and (Ma'aden). Parties of the Transaction - SABIC Industrial Investment Company (a wholly owned subsidiary of SABIC)

- Saudi Arabian Mining Company (Ma'aden) Date of Entering Into The Transaction 2024-09-17 Corresponding to 1446-03-14 Description of Activity of The Asset Subject of The Transaction The principal activities of Alba are to build and operate smelters for the production of aluminum, to sell aluminum within and outside the Kingdom of Bahrain and to carry on any related business to complement the company’s operations or to enhance the value or profitability of any of the company’s property or rights. Asset Book Value SAR 3,765 million as of 31 August 2024. Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction Attached Transaction reasons 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, and to be the preferred world leader in chemicals. Expected Impact of the Transaction on the Company and Its Operations Positive impact on the long term. Details of Using The Proceeds of the Asset Sale The proceeds will be used to reinforce SABIC’s growth in the chemicals industry. Related Parties No related parties. Additional Information The exchange rate applied to the transaction value is SAR 1.00 = BHD 0.1002 as quoted on the Central Bank of Bahrain website on September 16th 2024. Attached Documents           

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