Bahrain - SICO, a leading regional asset manager, broker, and investment bank, has announced the successful completion of a landmark BD363 million transaction involving 292,804,000 shares of Alba.

SICO acted as execution agent and broker for both the Saudi Arabian Mining Company (Ma’aden) and SABIC Industrial Investment Company (SIIC).

The deal saw Ma’aden acquire SIIC’s entire 20.62 per cent shareholding in Alba, making it the company’s second-largest shareholder. Ma’aden, listed on the Saudi Exchange, is the largest mining company in Saudi Arabia, while 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. The firm coordinated with legal teams, regulatory bodies, including the Central Bank of Bahrain, the Bahrain Bourse, and Bahrain Clear, to ensure seamless execution.

“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,” said SICO Group chief executive Najla Al Shirawi. “This accomplishment not only demonstrates our dedication to providing exceptional financial services but also reflects the confidence our clients have in us.”

SICO Group head of investment banking Wissam Haddad added: “This acquisition is a key step in Ma’aden’s vision to significantly expand its aluminum business, and we are honoured 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.” 

The acquisition marks a key milestone in Ma’aden’s strategy to expand its aluminium business, supporting its ambition of achieving tenfold growth by 2040. Alba, listed on the Bahrain Bourse with a market capitalisation of approximately BD1.5 billion, is recognised as one of the region’s most established and globally-competitive aluminium producers.

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