SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THE TRANSFER OF ALCOA INC. INTERESTS IN ITS ALUMINIUM JOINT VENTURE COMPANIES TO ALCOA CORPORATION
Saudi Arabian Mining Company (Maaden) announces today 01/02/1438H (corresponding to 01/11/2016G) the transfer of Alcoa Inc. interests in its aluminium joint venture companies (Maaden Aluminium Company, Maaden Rolling Company and Maaden Bauxite and Alumina Company) to Alcoa Corporation.
Alcoa Corporation is a new entity formed from the separation of Alcoa Inc. into upstream and downstream-focused businesses. These businesses will be carried out through Alcoa Corporation and Arconic Inc., respectively. The transaction to separate the businesses was completed today. Arconic Inc. will operate in high performance multi-material products globally. Alcoa Inc. will transfer its interest in the aluminium joint venture companies to Alcoa Corporation, which will operate in bauxite, alumina, energy, aluminium and cast product globally, and can sheet in North America. Maaden aluminium companies are therefore 74.9% owned by Maaden and 25.1% owned by Alcoa Corporation.
Maaden believes that its aluminium operations will benefit from the fact that Alcoa Corporation business lines will be fully aligned with those of the joint venture companies.
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