SICO completes 100% Acquisition of SICO Capital

SICO completes 100% Acquisition of SICO Capital

SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced that it has acquired the remaining 27.29% stake held by Bank Muscat in SICO Capital, a Saudi based full-fledged capital markets services provider.

SICO had signed an agreement with Bank Muscat to acquire the remaining stake last month and the successful transaction closure was completed after obtaining all the required regulatory approvals. The acquisition value for the remaining stake in SICO Capital is BD 1.9 million, based on its net book value as of 31 March 2022.

SICO acquired a majority stake amounting to 72.7% in the Saudi-based wholly-owned subsidiary of Bank Muscat in 2021 via a share swap and successfully rebranded it to SICO Capital post the acquisition. Bank Muscat is a shareholder of SICO and currently owns 13.14% of the Bank. SICO Capital is now a fully-owned subsidiary of SICO following the acquisition of the remaining stake.

Chairman of the Board of SICO, Shaikh Abdulla bin Khalifa Al Khalifa, said, “We are very pleased with the successful completion of this transaction, which is a major milestone in implementing our unified strategy across our subsidiaries. We believe that a