SICO Completes Advisory on BFLC’s $3.7 Million Share-Swap Acquisition of Truffle Hospitality
SICO BSC, a prominent regional asset manager and investment bank, has successfully facilitated the share-swap acquisition of Truffle Hospitality Holding W.L.L. by Bahrain Family Leisure Company B.S.C. (BFLC). This transaction, which was finalized today, has received all necessary shareholder and regulatory approvals, marking a significant milestone in the Bahraini market.
Details of the Transaction
The acquisition was structured as a 100% share-swap, wherein BFLC issued 13,809,524 new ordinary shares to Dividend Gate Capital W.L.L. (DGC) at a price of BHD 0.269 per share. This price includes a nominal value of BHD 0.100 per share and a share premium of BHD 0.169 per share, culminating in an approximate transaction value of BHD 3.7 million. The shares allotted to DGC began trading on the Bahrain Bourse on May 19, 2026, in exchange for the complete transfer of Truffle’s share capital to BFLC. Post-transaction, DGC holds a 58% stake in BFLC, while existing shareholders retain the remaining 42%. Truffle is now a wholly owned subsidiary of BFLC.
As a result of this issuance, BFLC’s total issued and fully paid-up share capital has increased from 10,000,000 shares to 23,809,524 shares.
Industry Impact
This acquisition positions BFLC among the largest listed hospitality and food and beverage companies on the Bahrain Bourse. The combined entity now operates over 20 brands and more than 50 outlets across four GCC countries, encompassing various dining formats such as quick-service, casual dining, premium concepts, cafés, and central kitchen operations.
Ahmed Janahi, Vice Chairman of BFLC, highlighted the significance of this transaction, stating that it strengthens BFLC’s position in the market. He noted that the consolidation of brands and capabilities into a single entity would enhance operational efficiency and create opportunities for expansion across Bahrain and the wider region.
Future Prospects for Truffle
Mohamed Nedham Khonji, Managing Director of Dividend Gate Capital and a board member of Truffle, expressed enthusiasm about the new chapter for Truffle. He emphasized the company’s commitment to scaling its existing brands and expanding its portfolio through new hospitality, leisure, and entertainment concepts. Khonji mentioned that several important developments are already in the pipeline, signaling a proactive approach to regional growth.
Advisory Role of SICO
Ayman Gadallah, Head of Investment Banking at SICO, remarked on the complexity of the transaction, which involved coordinating multiple regulatory workstreams. He stated that the successful closing reflects the sophistication of Bahrain’s capital markets and the dedication of all parties involved in the process.
About SICO
SICO is a leading asset manager, broker, and investment bank with assets under management totaling USD 8.3 billion. Operating under a wholesale banking license from the Central Bank of Bahrain, SICO also oversees two wholly owned subsidiaries: SICO Invest, based in Abu Dhabi, and SICO Capital, located in Saudi Arabia. Established in 1995, SICO has built a solid reputation as a trusted regional bank, offering a comprehensive suite of financial solutions, including asset management, brokerage, and investment banking.
About Bahrain Family Leisure Company B.S.C. (BFLC)
BFLC, listed on the Bahrain Bourse under the ticker FAMILY, is primarily engaged in the food and beverage and family entertainment sectors. Following its merger with Truffle Hospitality Holding, BFLC now boasts a diversified portfolio of over 20 food and beverage brands across various formats, including international franchises and homegrown concepts.
About Dividend Gate Capital (DGC)
Founded in 2017, DGC is a Bahrain-based private equity firm focused on acquiring and growing established businesses across the GCC and select international markets. The firm targets sectors with strong demand fundamentals, such as hospitality and real estate, and collaborates closely with portfolio companies to drive operational improvements and sustainable growth.
About Truffle Hospitality Holding W.L.L.
Truffle Hospitality, the food and beverage platform of DGC, manages a diverse portfolio of restaurants, cafés, and central kitchen operations across Bahrain and the GCC. Its brands include Hlayel, Goodness, Manos the Family Bistro, and several others. Following the acquisition, Truffle is now a wholly owned subsidiary of BFLC.
Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com
Source: www.zawya.com
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Published on 2026-05-24 16:29:00 • By the Editorial Desk
