The Clap
SNB Capital, the investment arm and asset manager of the Saudi National Bank (1180), has acquired a stake in the South Korean company SK-ON.
What
The Saudi company did not disclose the size of the stake it acquired but it stated that the value of the deal was $100 million.
So What
SNB Capital is the largest asset manager in KSA and one of the largest managers of Sharia-compliant assets in the world.
The volume of its managed assets has reached SAR 230.4 billion, according to December 2022 statistics.
SK-ON is one of the largest EV battery manufacturers in the world, providing its products to a wide range of EV manufacturers like “Ford”, “Hyundai”, “Volkswagen” and “Mercedes-Benz” through its factories in Asia, Europe, and North America.
Now What
SK-ON will use the investment proceeds to support its expansion plan to double its production capacity, while part of the proceeds will also be allocated to research and development work.
