SICO appoints Shaikh Waleed Khamis Al Hashar as newest board member

SICO appoints Shaikh Waleed Khamis Al Hashar as newest board member

Shaikh Waleed Khamis Al Hashar, CEO of Bank Muscat, has been appointed as non-independent Executive Director of the Bank. Bank Muscat, which owns a 10.38 per cent stake in SICO has nominated Shaikh Waleed Khamis Al Hashar as its representative in SICO’s Board after obtaining approval from the regulator. The shareholders resolved in the extraordinary general meeting held on January 26, 2022, to expand the Board to 10 members and to appoint Shaikh Waleed Khamis Al Hashar as director.

SICO previously acquired a majority stake in the Saudi-based “Muscat Capital”, a wholly-owned subsidiary of Bank Muscat, which has since been rebranded as “SICO Capital”. The acquisition took place by way of a share swap. As a result of the transaction, SICO owned 72.7 per cent of “SICO Capital” and Bank Muscat owned 9 per cent of SICO. Subsequent to the swap transaction, Bank Muscat acquired an additional 1.38 per cent stake in SICO, which, together with the shares previously acquired, represents a shareholding of 10.38 per cent of SICO’s share capital.

“We are very pleased to welcome Shaikh Waleed as the newest member of our esteemed Board of Directors,” said SICO’s Chairman, Shaikh Abdulla bin Khalifa Al Khalifa. “His regional expertise and