Bahrain’s SICO buys majority stake in Saudi-based Muscat Capital

Bahrain’s SICO buys majority stake in Saudi-based Muscat Capital

Muscat: SICO BSC, a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced that it has completed the transaction to acquire a majority stake amounting to 72. 7 per cent in the Saudi-based Muscat Capital, a wholly-owned subsidiary of Bank Muscat after obtaining all relevant approvals. The acquisition took place by way of a share swap valued at BD 5. 5 million, with 38, 563, 894 of SICO's treasury shares swapped for a majority stake amounting to 4, 362, 491 shares out of Muscat Capital's 6, 000, 000 total outstanding shares. As a result of the transaction, SICO owns 72. 7 per cent of Muscat Capital while Bank Muscat owns a 9 per cent stake in SICO. "We are extremely pleased to complete this landmark acquisition of Muscat Capital which is a major step in our regional expansion and growth strategy. This acquisition also provides SICO with a direct presence in the region's largest capital market, Saudi Arabia, which is a major milestone in cementing SICO's position as a leading regional investment bank," said Shaikh Abdulla bin Khalifa Al Khalifa, SICO's Chairman of the Board. "We look forward to our