Maaden Bauxite and Alumina Company (MBAC) was incorporated on 22 January 2011 in the Kingdom of Saudi Arabia, which is also its principal place of business and is owned:
- 74.9% by Saudi Arabian Mining Company (“Ma’aden”) and;
- 25.1% by AWA Saudi Limited (“AWA”), a foreign shareholder, which is owned 60% by Alcoa Corporation and 40% by Alumina Limited.
On 15 September 2024, Maaden signed an agreement to acquire Alcoa Corporation’s entire 25.1% stake (128,010,000 shares) in Maaden Bauxite and Alumina Company (MBAC).
At completion of the Ma'aden Aluminium Company (MAC) and MBAC Acquisition, Maaden’s percentage ownership in the share capital of both MAC and MBAC will increase from 74.9% to 100% while the percentage of direct and indirect ownership by Alcoa in Maaden will be equal to approximately 2.21%.
On February 4, 2025, the General Authority of Competition (GAC) approved Ma'aden to acquire Alcoa's 25.1 per cent ownership in MAC and MBAC.

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