SICO Acts as Execution Agent for strategic Ma'aden – SIIC in USD 1 billion ALBA share transaction
SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presence in Bahrain, Saudi Arabia, and the UAE, 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 363,076,960 (equivalent to SAR 3,611,504,737) landmark transaction pertaining to 292,804,000 shares of Aluminum Bahrain B.S.C. (ALBA). Ma'aden acquired SIIC's entire 20.62% shareholding in ALBA, 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 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. Backed by a team of seasoned professionals, we navigate market complexities with precision, consistently delivering exceptional results and exceeding client expectations. 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.
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