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Riyadh - Saudi Arabia: The constituent general assembly of Saudi Venture Capital Investment Company (SVCIC) was held on Wednesday, 1 December 2010 at Paris Ballroom at the Four Seasons Hotel - Riyadh, to announce the incorporation of Saudi Venture Capital Investment Company with a paid up capital of SR 375 million.
SVCIC is a closed joint stock investment company (under formation), investing in promising investment opportunities that have the potential in the small and medium enterprises in the Kingdom of Saudi Arabia, which will support these companies and enforce their position to achieve their desired growth and contribute to the economic growth of the Kingdom.
The assembly was chaired by Dr. Ghassan Ahmed Al Sulaiman, Chairman of the Founding Committee of SVCIC and was attended by the founding committee members Mr. Abdulfatah Mohammad RafieMarafie, Mr. Abdullatif Mohammed Janahi and other company shareholders. The general assembly confirmed the subscription to the full paid up capital and approved the final version of the Memorandum of Association of the Company. The assembly also elected the first Board of Directors of the Company and approved the appointment of the first auditors of the company. They also discussed the founders report on pre-operating expenses and establishment costs of the company and took the appropriate decisions in this regard.
Members of the elected board consist of a group of experts in the field as follows: ?
It should be Noted that the elected board members are subject to the approval of the Capital Market Authority.
"After the Assembly, the Board of Directors held their first meeting of SVCIC, and announced the appointment of Dr. Ghassan Ahmed Sulaiman as Chairman of the Board of Directors of Saudi Venture Capital Investment Company, as well as the appointment of Mr. Mohammed Sulaiman Abanumay as Deputy Chairman and Mr. Mansour Al Shaye as Chief Executive Officer of the company.
Dr. Ghassan Ahmed Al Sulaiman, Head of the Founding Committee of Saudi Venture Capital Investment Company and Chairman of SVCIC and Venture Capital Bank, commented in the following press conference "2009 was one of the most difficult years of all for all financial and investment firms around the globe. In the wake of challenging investment conditions the bank have taken well measured and calculated steps to face the current situation and maintain the bank activities in the best possible state. Thanks to Allah, the bank has succeeded in preserving its prominent place, as, witnessed by incorporation of SVCIC and we look forward to achieving positive results and success."
In line with the wise directions of Custodian of the Two Holy Mosques' government through establishing the Capital Market Authority and through the exceptional economic performance for the Kingdom of Saudi Arabia and seeing the promising nature of the small and medium enterprises sector, it was imperative to form a company like SVCIC, armed with financial and operational experience in addition to its founders', Venture Capital Bank - Bahrain, illustrious and stable performance. This will help SVCIC overcome the challenges it faces and achieve the growth and prosperity it seeks to create value to the economy as a whole and to the private sector specifically through economic diversity, creating job opportunities and establishing efficient and rewarding capital markets which translate into rewarding results to stake holders" he added.
Mr. Mansour Al Shaye - Chief Executive Officer of Saudi Venture Capital Investment Company said "I extend my gratitude and thanks for the confidence of the Board of Directors they placed in us. As Chief Executive Officer of Saudi Venture Capital Investment Company, I am hoping to achieve the desired objectives of establishing the company and to providing the best possible returns to our shareholders".
"Currently competition between traditional and Islamic investment firms is fierce. The establishment of SVCIC is the fruit of Venture Capital Bank's efforts. Thanks to the experience it possess, Venture Capital Bank aid in forming a company that attracts talent that assures results and that add to the Saudi economy" he added.
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