SABIC shareholders approve sale of stake in Alba for SAR 3.6 billion
Businessmen Team
news
10 April 2025
11:07 PM
SABIC shareholders approved, during their Ordinary General Assembly meeting, the transactions and contracts concluded between SABIC Industrial Investments Company (a subsidiary of SABIC) and Saudi Arabian Mining Company (Ma'aden). These transactions involve SABIC Industrial Investments Company, a wholly-owned subsidiary of SABIC, selling its stake in Alba, which amounts to 292.8 million ordinary shares representing 20.62% of Alba's total shares, to Ma'aden. The sale was for a cash consideration of BHD 363.08 million (approximately SAR 3.61 billion), without any preferential terms.
SABIC said in a statement on Tadawul that Vice Chairman of the Board
of Directors, Mohammed bin Yahya Al-Qahtani, has an indirect interest in the
deal, as he is Vice Chairman of SABIC and a member of Ma'aden's Board of
Directors.
The General Assembly approved authorizing the Board of Directors to
distribute interim dividends semi-annually or quarterly for the fiscal year
2025.
The Assembly also approved the election of Board of Directors for a
new term beginning April 10, 2025, for a three-year term ending April 9, 2028.
