DUBAI, Sept 18 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE) , opens new tab, one of the world's biggest petrochemicals companies, said on Wednesday it will sell its minority stake in Aluminium Bahrain (Alba) (ALBH.BH) , opens new tab to Saudi mining firm Ma'aden for around $1 billion.

The sale proceeds from the 20.62% stake are expected between 363 and 398 million Bahraini dinars ($963.25 million-$1.06 billion), SABIC said in a stock exchange filing. The proceeds will be used to help SABIC's growth in chemicals.

"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," SABIC said.

Alba has a market capitalisation of nearly $4.8 billion, according to LSEG.

($1 = 0.3769 Bahraini dinars)

Sign up here.

https://www.reuters.com/markets/deals/sabic-sell-its-stake-alba-maaden-about-1-bln-2024-09-18/