Friday, December 13, 2019

The BENEFIT Company Expands with the full Acquisition of SINNAD W.L.L.

Sinnad is a Bahraini company established in 2009 to provide both financial and non-financial organizations with the advanced card payment solutions. Sinnad Company serves both Visa and MasterCard card schemes and has an extensive footprint in the Middle East and Africa (MEA) and has four key business lines including bank card processing, merchant processing, retailers’ loyalty programs, and ATM services.

Sinnad objectives are to respond rapidly to the growing demand for globally proven third party card processing practices and solutions, as well as to accelerate the development of the cards industry across the markets. Sinnad market covers the Kingdom of Bahrain, GCC, Middle East and Africa.

The BENEFIT Company continues to further support the growth and development of Sinnad Company by acquiring all the remaining shares of the company to be fully owned by The BENEFIT Company, in addition The BENEFIT Company will enable Sinnad Company to invest in a state of the art systems and technologies in the kingdom of Bahrain including FinTech and digitalization.

Abdulla Hussain, Chairman of The BENEFIT Company, commented, “We are excited to announce our strategic investment in Sinnad Company. Today The BENEFIT Company will further invest in Sinnad’s Company infrastructure to support the positioning of one of the market leaders across the Middle East and African countries. The Sinnad Company will have an even greater opportunity to grow its footprint across the GCC and wider MEA region and provide industry-leading services to the banks. We look forward to see further growth in our business as we continue along this exciting path.”

Abdulwahed Aljanahi, CEO of The BENEFIT Company and Sinnad Board Director, commented “The full acquisition of Sinnad Company adds great value to The BENEFIT Company through creating a full range of Cards services outsourcing services in a fully independent infrastructure. Full acquisition of Sinnad Company will enable us to effectively serve the banks across the MEA. This is a significant milestone in The BENEFIT’s Company expansion plans as we continue to grow in terms of expertise, and support the financial sector. Sinnad Company direction is to provide a full fledged outsourcing business to financial and non-financial organizations.”

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