Maaden acquires SABIC's stake in Alba for $1B: SICO
SICO BSC (c) announced today the successful completion of its role as execution agent and broker on behalf of both the Saudi Arabian Mining Company (Ma'aden) and SABIC Industrial Investment Company (SIIC) in a BHD 363 million (equivalent to SAR 3.6 billion) landmark transaction pertaining to a 20.62% stake in Aluminum Bahrain B.S.C. (Alba).
SICO facilitated the transaction through the Bahrain Bourse's Special Order Market, providing comprehensive transaction execution advisory and brokerage services. Throughout the process, SICO coordinated with the legal teams, regulatory bodies, including the Central Bank of Bahrain, Bahrain Bourse, and Bahrain Clear, ensuring the seamless execution of the deal.
Najla Al Shirawi, Group CEO of SICO, said, 'We are delighted to announce the successful completion of this strategic transaction, a significant milestone that strengthens SICO's standing as a trusted financial partner in the region. This accomplishment not only demonstrates our dedication to providing exceptional financial services but also reflects the confidence our clients have in us. Their trust underscores our robust execution capabilities and our proven proficiency in managing complex, high-value transactions with precision and efficiency.'
'In a rapidly evolving financial landscape, we remain steadfast in our commitment to excellence. This transaction reflects our strategic vision and relentless drive for innovation, enabling us to better serve our clients' diverse needs,' Al Shirawi added.
She went on to say, 'Looking ahead, we are excited about the opportunities this transaction presents, not only for SICO but also for our clients and stakeholders. We are prepared to enhance our role as a leading financial partner in the region, fostering growth and creating value for all parties involved.
Wissam Haddad, Group Head of Investment Banking at SICO, added, 'This acquisition is a key step in Ma'aden's vision to significantly expand its aluminum business, and we are honored to have facilitated the transaction. At SICO, we pride ourselves on providing tailored advisory services and execution capabilities that align with the strategic objectives of our clients. Our extensive presence, including our strategic footprint through SICO Capital in Riyadh, along with our deep connections in the region, played a critical role in ensuring the success of this deal.'
This acquisition marks a key milestone in Ma'aden's strategy to expand its aluminum business, supporting its broader ambition of achieving tenfold growth by 2040. Alba, listed on the Bahrain Bourse with a market capitalization of approximately BHD 1.5 billion, is recognized as one of the region's most established and globally competitive aluminum producers.
SICO is a leading regional asset manager, broker, and investment bank with $7.4 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ArabGT
21 hours ago
- ArabGT
2025 Tesla Model 3 Review
The 2025 Tesla Model 3 continues to perform strongly as one of the cornerstones of the electric vehicle market. Since its debut in 2017, it has established itself as a more accessible alternative to previous Tesla models and played a significant role in popularizing electric cars globally. With over one million units sold worldwide by 2021, it stands as one of the most successful EVs ever. The latest 2025 version is part of the major refresh known as 'Project Highland,' announced in 2023, which brought notable improvements in design, efficiency, and technology. Exterior Design The 2025 Model 3 features a sleeker and more refined look, with a lower front end, a redesigned rear diffuser, and enhanced aerodynamic wheels that reduce drag coefficient to 0.219, down from 0.225. The taillights have been updated to create a more cohesive design with the trunk sides, giving the car a more streamlined and modern appearance. These changes improve both aesthetics and aerodynamic performance, resulting in better driving range. In terms of paint options, the 2025 Model 3 comes in standard white at no additional cost. For those seeking a more distinctive look, Tesla offers several premium colors. These include solid black, metallic blue, and dark gray for an additional SAR 5,300. Eye-catching options like red and mercury silver come at a higher premium of SAR 8,000 on top of the car's base price. Interior Design The 2025 Tesla Model 3 boasts a modern cabin that blends tranquility with cutting-edge tech, delivering a refined and comfortable driving experience. Material quality has been upgraded with meticulous attention to detail. One standout feature is the 8-inch rear touchscreen that allows backseat passengers to control climate and media, complementing the main 15.4-inch center display. The front seats are ventilated and can be pre-cooled or auto-adjusted via the mobile app for added comfort. Tesla's premium sound system includes up to 17 speakers and dual subwoofers, paired with enhanced microphones for clearer calls. Wireless charging for two phones is also available, making daily use more convenient. The cabin benefits from exceptional quietness thanks to sound-insulating glass surrounding the occupants. A panoramic glass roof enhances the sense of space, allowing natural light in while blocking harmful UV rays. In a bold design move, Tesla replaced traditional turn signal stalks with steering wheel-mounted buttons—a feature borrowed from refreshed Model S and X vehicles—though it has drawn mixed reactions regarding usability and safety. Performance Specifications The 2025 Tesla Model 3 comes in several versions with varying performance and range: Standard Range RWD Range: 520 km (WLTP) Acceleration: 0–100 km/h in 6.1 seconds Drivetrain: Rear-wheel drive Energy consumption: 13.2 kWh/100 km Max Supercharging: 170 kW Long Range RWD Range: 702 km (18″) / 640 km (19″) Acceleration: 0–100 km/h in 5.2 seconds Drivetrain: Rear-wheel drive Energy consumption: 13.6 kWh/100 km Max Supercharging: 250 kW Long Range AWD Range: 629 km (WLTP) Acceleration: 0–100 km/h in 4.4 seconds Drivetrain: Dual Motor AWD Energy consumption: 14.0 kWh/100 km Max Supercharging: 250 kW AWD Performance Range: 528 km (WLTP) Top Speed: 262 km/h Acceleration: 0–100 km/h in 3.1 seconds Drivetrain: Dual Motor Performance Additional Features: Adaptive air suspension, sport seats, 20″ forged wheels, Track Mode v3 Max Supercharging: 250 kW All trims accommodate five passengers and include the central 15.4-inch touchscreen along with 682 liters of cargo space. The dimensions are nearly identical across all versions, with 138 mm of ground clearance. Pricing In Saudi Arabia, the 2025 Tesla Model 3 is priced as follows: Standard Range RWD: SAR 173,490 (~$46,260 USD) Long Range RWD: SAR 193,490 (~$51,580 USD) Long Range AWD: SAR 203,490 (~$54,270 USD) AWD Performance: SAR 228,490 (~$60,890 USD) Warranty Tesla provides a basic warranty of 4 years or 80,000 km (whichever comes first), and a battery and drive unit warranty of up to 8 years or 192,000 km, depending on the variant. Let me know if you'd like a version optimized for social media or formatted for publication, Master.
3yon News
a day ago
- 3yon News
إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)
1. The company's financial statements for the fiscal year ending on December 31, 2024, were reviewed and discussed. 2. The Board of Directors' report for the fiscal year ending on December 31, 2024, was reviewed and discussed. 3. Approval of the auditor's report for the fiscal year ending on December 31, 2024, after discussion. 4. Approval of appointing Alzoman, Alfahad & Alhajjaj professional services Chartered Accountants as the company's external auditor from among the nominated firms based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for Q2, Q3, and the annual financials of 2025, and Q1 of 2026, with a total fee of SAR 390,000. 5. Approval of allowing Board Member Mr. Faisal bin Abdullah Al-Omaiqan to engage in activities competing with the company's business. 6. Approval of authorizing the Board of Directors with the powers of the Ordinary General Assembly as stated in paragraph (1) of Article 27 of the Companies Law for a period of one year from the date of this General Assembly's approval or until the end of the term of the authorized Board, whichever comes first, in accordance with the relevant executive regulations for listed joint-stock companies. 7. Approval of discharging the members of the Board of Directors from liability for the fiscal year ending December 31, 2024. 8. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to SAR 11,908,359 (eleven million, nine hundred eight thousand, three hundred fifty-nine Saudi riyals) to shareholders for the fiscal period ending December 31, 2024, at SAR 0.25 per share, representing 25% of the nominal value of the share. Eligibility shall be for shareholders holding shares at the end of the trading day on the date of the General Assembly and registered in the company's shareholders register at the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date. Dividend distribution will commence on 15-06-2025. 9. Approval of disbursing board member remuneration in the amount of SAR 990,000 for the fiscal year ending December 31, 2024. 10. Approval of disbursing Audit Committee member remuneration in the amount of SAR 164,481 for the fiscal year ending December 31, 2024. 11. Approval of business and contracts to be concluded between the company and Abdullah Ibrahim Al-Omaiqan Real Estate Co., in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. These involve a lease contract for administrative offices and showrooms located in Al-Nuzha district, Riyadh. The contract duration is two calendar years, with an annual rental value of SAR 1,263,708 (exclusive of VAT). The total value of transactions in 2024 was SAR 1,263,708. These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 12. Approval of business and contracts to be concluded between the company and Mosakhan Waraq Enab Food Services Establishment, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. The contract is for the sale of food products with a one-year term. The total value of transactions in 2024 amounted to SAR 597,099 (exclusive of VAT). These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 13. Approval of business and contracts executed between the company and Al-Omaiqan Holidays and Travel, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. This involves an agreement to provide ticket booking services. The total value of transactions in 2024 amounted to SAR 367,291 (exclusive of VAT). These transactions were conducted in the ordinary course of business and under prevailing commercial terms without preferential conditions. 14. Approval of the amendment to the Audit Committee Charter. 15. Approval of the amendment to the Nomination and Remuneration Committee Charter. 16. Approval of the amendment to the Policy, Standards, and Procedures of Membership in the Board of Directors and its Committees. 17. Approval of the Competitive Activities Standards. 18. Approval of the Policy on Remuneration for Board Members, Committees, and Executive Management. 19. Approval of the Board of Directors' recommendation to increase the company's capital through the issuance of bonus shares as follows: • The capital increase will be through the capitalization of SAR 48 million from retained earnings, by granting one share for every one share held. • Total increase amount: SAR 48,000,000 • Capital before increase: SAR 48,000,000 • Capital after increase: SAR 96,000,000 • Increase percentage: 100% • Number of shares before the increase: 48,000,000 shares • Number of shares after the increase: 96,000,000 shares The capital increase aims to strengthen the company's financial position, support its expansion plans, and enhance shareholder returns by growing its business and seizing opportunities in the food sector. • Number of bonus shares: 1 share for every 1 share held • The increase will be through the capitalization of SAR 48,000,000 from retained earnings. Eligibility date: Shareholders who own shares by the end of the trading day on the date of the Extraordinary General Assembly and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. Fractional shares: In the event of fractional shares, they will be grouped in one portfolio and sold at market price. The proceeds will be distributed to eligible shareholders based on their respective entitlements within 30 days from the date of determining the entitled shares for each shareholder. • Approval of the amendment to Article (7) of the company's Articles of Association related to capital. Page 2 الأربعاء 01 مارس 2017 11:18 مساءً Page 3
Leaders
6 days ago
- Leaders
ARDARA Launches First-Ever Lifestyle Community at AlWadi Destination
Prince Turki bin Talal bin Abdulaziz, Governor of Aseer Region and Chairman of ARDARA, officially announced the launch of ARDARA's first modern lifestyle community at AlWadi. The announcement took place during the second Aseer Investment Forum, held at King Khalid University in Abha, and included new details about this landmark destination. ARDARA, fully owned by the Public Investment Fund (PIF), is leading the development. This milestone project highlights ARDARA's mission to create integrated residential and tourism destinations that elevate the Aseer Region's profile within the national development framework. It reflects the company's strong commitment to sustainable urban planning and enhancing quality of life. The initial phase of the project includes a diverse range of offerings: A five-star hotel with approximately 180 rooms A four-star hotel featuring around 245 rooms 40 luxury branded apartments and 42 luxury branded villas 62 premium apartments 4,500 square meters of high-end retail space Public amenities such as walking and cycling paths, and environmentally friendly mobility solutions In pursuit of world-class hospitality standards, ARDARA has signed a letter of intent with Hilton to operate a Waldorf Astoria hotel within the development. Further expanding its vision, ARDARA signed a memorandum of understanding (MoU) with Sumou Holding to develop future phases of AlWadi. These will include mixed-use urban communities that integrate residential, hospitality, and entertainment elements—aligned with the National Tourism Strategy and grounded in principles of sustainability and smart urban development. The potential value of this partnership stands at SAR 1 billion. ARDARA, SEDCO ARDARA also entered a strategic MoU with SEDCO Capital to manage an investment fund worth SAR 1 billion for the development of an urban project in Abha. Additionally, the initiative aims to blend residential, hospitality, and entertainment components to drive economic and tourism growth in the Aseer Region. Furthermore, ARDARA signed an MoU with Southern Province Cement Company to promote sustainable urban development practices. The agreement covers the supply of eco-friendly 'green cement,' joint greening and community initiatives, and technical knowledge sharing—contributing to both environmental sustainability and construction excellence across the region. 'The launch of our first lifestyle community in AlWadi represents a unique investment opportunity in Aseer,' said Naif bin Saleh Al-Hamdan, Managing Director of ARDARA. 'It offers exclusive waterfront properties and a vibrant community that honors Saudi heritage while embracing modern living. Finally, the strategic partnerships we announced today underscore our commitment to innovation, sustainability, and investment value—fully aligned with the Public Investment Fund's initiatives and Saudi Vision 2030.' Related Topics: IARDA Licenses 40 Tour Guides Culture Ministry Launches Saudi-Chinese Cultural Year 2025 Riyadh Art Completes Installation of Davide Rivalta Sculptures 'The Neighbors of the Moon': an Ideal Tourist Destination in Jizan Short link : Post Views: 21
