MANAMA, Feb. 19 -- The Saudi Arabian Mining Company (Ma'aden) has acquired SABIC Industrial Investment Company (SIIC's) entire 20.62% shareholding in ALBA worth $1billion, making it ALBA's second largest shareholder.

Ma'aden is listed on the Saudi Exchange and is the largest mining company in Saudi Arabia. SIIC is a wholly owned subsidiary of SABIC, one of the world's largest petrochemical manufacturers, also listed on the Saudi Exchange.

SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presence in Bahrain, Saudi Arabia, and the UAE, in a statement confirmed the successful completion of its role as execution agent and broker on behalf of both the Saudi Arabian Mining Company (Ma'aden) and SABIC In...