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SICO, a Bahraini asset manager and investment bank has signed an agreement with Bank Muscat SAOG to acquire a majority stake amounting to 72.71 percent in Saudi-based Muscat Capital, a wholly owned subsidiary of Bank Muscat.
The agreement was signed following the successful completion of due diligence exercises and internal approvals from the respective parties as well as the Central Bank of Bahrain. The transaction will be completed upon receiving all necessary approvals from the relevant regulatory authorities in Saudi Arabia and other relevant jurisdictions.
SICO shall acquire 72.71 percent stake in Muscat Capital through transfer of all its treasury shares to Bank Muscat. This would result in Bank Muscat owning 9 percent shareholding in SICO, amounting to a total of 38,563,894 shares, upon completion of the transaction.
“We are extremely pleased to sign this agreement for acquiring Muscat Capital (Saudi), which will broaden our regional presence and service offerings in the region’s largest market, Saudi Arabia.”, said Najla Al Shirawi, SICO’s Chief Executive Officer. “We look forward to the closing of this transaction and to the new partnership with Bank Muscat as we work together to uncover new growth opportunities.”
Bank Muscat is a leading financial institution based in the Sultanate of Oman and operating under a banking license issued by the Central Bank of Oman. Its subsidiary, Muscat Capital is a full-service capital market institution established in 2009 and operating in Saudi Arabia licensed by the Saudi Arabian Capital Market Authority.
(Writing by Seban Scaria; editing by Daniel Luiz)
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© ZAWYA 2020
