Sedco acquires 40pc stake in AlShiaka

03/06/2015 17:23 AST

Sedco Holding Group, a leading shariah-compliant private wealth management organisation, has acquired 40 per cent stake in AlShiaka, a leading Saudi Arabian men's outfitters specialised in designing and making men's thobes.

Anees Moumina, chief executive officer of Sedco, and Walid Al Andijani, AlShiaka's CEO, sealed the deal in Jeddah, Saudi Arabia at one of AlShiaka's flagship outlets recently.

The partnership is expected to build on AlShiaka's successful track record in the men's thobes business in Saudi Arabia further, said a statement.

It will also utilise Sedco Holding's capital and expertise in corporate governance to drive the strategic growth of the company.

The investment is in line with Sedco's strategic approach to invest in viable new ventures in growth sectors in the region.

"Investing in progressive enterprises and expanding our portfolio of direct investments is an important part of our investment strategy, and the partnership with AlShiaka is another display of our desire to extend our investment portfolio and expertise for the future growth and further advancement of our new partner," said Moumina.

"Our adherence to Shariah principles and our strength in corporate governance has proven of great value for Sedco to attract partners both locally and from the region," he said.

"We have set a plan at Sedco to target diverse investments and seize opportunities in prosperous markets. We are confident that both parties will acquire high revenues out of this active partnership," he added.

"We are also pleased to have found in Sedco the perfect partner for growth and transformation in our business and further expansions ahead. Our partnership with Sedco Holding Group is a positive move and a prudent choice," said Al Andijani.

"AlShiaka's excellent performance in the Saudi market for more than three decades is enough proof to mark our presence today as the first choice for seekers of luxurious quality and distinct designs. We are always keen on providing the best quality in our designs to cater to various needs of different tastes in the market," he added.

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