The Fund invested alongside many of the world's leading investment companies, with a total investment value exceeding USD 2 billion
Riyadh, KSA: SNB Capital announces its successful acquisition of a stake in the Korean batteries manufacturer “SK ON” worth USD 100 million through its “SNB Capital EV Batteries” fund; a closed-end sharia compliant fund. SK ON is considered one of the largest electric vehicles (EV) batteries manufacturers in the world; supplying batteries to various top vehicle companies such as Ford, Hyundai, Volkswagen, and Mercedes-Benz through its factories in Asia, Europe, and America. The company’s expansion plans will be fueled by the investment proceeds, multiplying its production capacity, and allocating a part of the proceeds to research and development.
The investment aims to provide investors with attractive returns and the exposure to one of the fastest-growing sectors, as the demand for electric vehicles is expected to grow ten times by 2030 with annual sales estimated at USD 330 billion, leading electric vehicles to become an alternative to traditional vehicles in the future.
Khaled Al Braikan, Head of Asset Management at SNB Capital, commented: "This investment highlights SNB Capital's unwavering commitment to enriching its clients' portfolios with niche, quality, and geographically diverse investment options, to take part in the sustainable transportation and green energy sector. We remain active in our pursuit of unlocking new investment avenues for growth that meet our client’s requirements.”
About SNB Capital Company
SNB Capital Company, a licensed entity by Capital Market Authority (CMA), is a leading regional financial institution with deep industry expertise across five business lines: Asset Management, Wealth Management, Securities, Investment Banking, and Principal Investment. SNB Capital is the largest asset manager with SAR 230.40 billion of assets under management as of December 2022.
Further information is available at www.alahlicapital.com. Follow SNB Capital on Twitter @Capital_SNB.
For media inquiries:
Ohood Al Hassan
O.AlHassan@alahlicapital.com
Farah Shimy
Farah.Shimy@hkstrategies.com
