Geojit enters JV to form 400 mn Saudi riyals co

Dubai, May 13: The Cochin-based Geojit Financial Services has entered into a joint venture with Oman's Jamal and Khalid Al Johar Development Co (Al Johar Stocks), National Securities Company and Rasmalah Investment Co of the UAE to form a brokerage company in Saudi Arabia, with a capital of Saudi riyals 400 million.

Announcing the alliance, a Geojit Financial Services official said, while the company would be the partner and operator of the new brokerage company, Al Johar Stocks will be responsible for supervising the brokerage through a board of directors.

The requisite regulatory procedures of the Saudi Capital Market Authority and the incorporation formalities to obtain a licence are underway, he added.

The company will gradually expand its business portfolio to include financial services and management of investment funds, after obtaining the necessary licences from the Capital Market Authority.

This joint Indian, Emirati, Omani and Saudi partnership will also help boost the brokerage services market in Saudi Arabia, the official said.

Geojit, which has a market capitalisation of over 71 million dollars, has over 300,000 customers and around 350 branches in India and offices in the UAE, Qatar and Oman.

UNI