Aluminum supplier Saudi Arabian Mining Co., which just signed a deal with Alcoa Corp., is pursuing another transaction to swap two subsidiaries for shares in a Bahrain-based rival.

SABIC, a Saudi-based global diversified chemicals company, has signed an agreement with Saudi Arabian Mining Company (Ma'aden) for the sale of its 20.62% shareholding in Aluminum Bahrain (Alba). The sales proceeds are expected to be within a range of BD363 million ($963.45 million) to BD398 million ($1,056.34 million), said a statement.

The deal is valued between $963.25m and $1.06bn (BHD363m and 398m), and the proceeds will help SABIC grow in the chemicals industry

Saudi state-owned miner Ma'aden is exploring a merger of its aluminium business with Aluminium Bahrain (Alba), which would potentially form one of the largest producers in the global aluminium market.