Saudi Arabian Mining Company (Ma’aden) announces the signing of amended Aluminium joint venture agreements with Alcoa Corporation
|Announcement Detail||Further to the announcement of Saudi Arabian Mining Company (Ma’aden) (the “Company”) made on Tuesday 1/2/1438H (corresponding to 1/11/2016G. |
The Company announces the signing of amended joint venture agreements with Alcoa Corporation. As a result of the amended joint venture agreements, signed on 23 Shawwal 1440H (corresponding to 26 June 2019G)
Alcoa Corporation will transfer its 25.1% interest in Ma’aden Rolling Company (“MRC“) and automotive assets to the Company without any cash compensation, in exchange for the release of Alcoa from future MRC lenders obligation. This will bring the Company’s ownership in MRC to 100%. Alcoa will retain its 25.1% interest in Ma’aden Aluminium Company (“MAC”) and Ma’aden Bauxite and Alumina Company (“MBAC”) .
Alcoa Corporation will continue to provide technical services to MRC operations.The parties will maintain their commercial relationship, which includes Alcoa Corporation providing sales, logistics and customer technical services support for MRC products for the North American can sheet market.
The transaction will not have any material financial impact on the Company.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.