Ma'aden completes acquisition of Meridian Group
Aug 29, 2019
Riyadh, KSA – Ma’aden has completed the completion of its first international acquisition through the 85% share purchase of Meridian, the Mauritius-based fertilizer distribution group. The acquisition was completed at an enterprise value of USD 140 million, equivalent to SAR 525 million.
A binding agreement was first signed in mid-April in Ras Al Khair Industrial City in eastern Saudi Arabia. The remaining 15% of Meridian shares are set to be acquired over approximately the next four years.
The acquisition is an important milestone for Ma’aden as the company executes its strategy to build global distribution channels for fertilizer products.…
Ma'aden and Northern Border University signs a memorandum of cooperation (MoC) to support people of the region
Jul 23, 2019
Ma'aden, represented by Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC), signed a memorandum of cooperation agreement with Northern Border University (NBU) with the aim of exchanging technical expertise and studies needed by both parties, in addition to providing practical training for the graduates and summer training.
Under the memorandum, which was witnessed by His Royal Highness Prince Faisal bin Khalid bin Abdulaziz, Governor of the Northern Border Region, Ma'aden will attract university graduates according to its needs. The Northern Border University will prepare specialized courses in some areas that the company may need, at the highest standards of quality, while…
Saudi Arabian Mining Company (Ma'aden) reports the results of second quarter ended 30 June 2019
Jul 22, 2019
Riyadh, KSA – Saudi Arabian Mining Company (Ma’aden) (Symbol: 1211) (ISIN: SA123GA0ITH7), the Middle East’s leading multi-commodity mining and metals company, and a company listed on the Saudi Stock Exchange (Tadawul), today reported its financial results for the period ended 30th June 2019. The Company recorded a net loss of SR 590 million in Q2 2019 compared to profit of SR 630 million in Q2 2018. The loss is mainly attributed to decreasing commodity prices, which affected the year-on-year profit by SR 481 million, and one-time costs associated with the restructuring of its aluminium rolling business which amounted to SR…
(Ma’aden) announces changes regarding its subsidiary, Ma’aden Rolling Company
Jun 26, 2019
Saudi Arabian Mining Company (Ma’aden) announces that Alcoa Corporation (Alcoa) has agreed to transfer to Ma’aden its 25.1% interest in Ma’aden Rolling Company (MRC), without any cash compensation in exchange for the release of Alcoa from future MRC lenders obligations. This will bring the company’s ownership in MRC to 100%. MRC owns and operates the beverage can rolling facility located in Ras Al Khair Industrial City, together with and the auto rolling assets. Alcoa will retain its 25.1% interest in Ma’aden Aluminium Company (MAC), which owns and operates the Aluminium smelter, and in Ma’aden Bauxite and Alumina Company (MBAC), which…