Tharawat Holding Company, a Saudi-based company renowned as a pioneering corporation in diverse investments, is acquiring a majority stake (around 54 percent) in Quantum Investment Bank Limited (Quantum).
Quantum is an Islamic investment bank based at Dubai International Financial Center (DIFC).
The signing ceremony took place at the Tharawat headquarters in Riyadh in the presence of Prince Turki bin Salman, the new chairman of the board of Quantum, and other board members.
This strategic acquisition will be mutually beneficial to the participating companies, said a press release.
It said Quantum’s platform would help Tharawat Holding to expand its geographical presence by moving to international markets.
The acquisition will also enhance Quantum’s presence in Saudi Arabia through Tharawat Holding’s strategic position in the Kingdom, according to the statement.
Ammer Selham, CEO of Tharawat Holding, and Idriss Ghodbane, CEO and board member of Quantum, signed the shareholding agreement in Riyadh.
“We have been studying the bank for quite long time and after deep analysis of the bank’s potential and unique opportunities, we have decided to become a majority shareholder in order to support our investment and expansion plans,” said the CEO of Tharawat.
The CEO of Quantum commented: “We are pleased today to have Tharawat Holding as a new shareholder in our Islamic bank.”
He added: “We aim via this partnership to serve a larger investor base, which will enable us to widen our spectrum of investment products. I am very confident that under the leadership of Prince Turki bin Salman, our new chairman of the board, Quantum will witness a solid growth. I would like also to thank our existing shareholders, who showed strong commitment and support to the bank since its inception.”
Since its establishment in 2011, Quantum has succeeded in positioning itself strategically as an innovative Islamic investment bank providing unique Shariah-compliant investment solutions, including corporate finance advisory, private equity, asset and bespoke portfolio management, hedging strategies, trading, asset and liabilities management.
Tharawat to acquire majority stake in Quantum
