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Bank Muscat sells stake in SICO Capital

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@JmObserver -

Bank Muscat sold its 27.29 per cent stake in Saudi-based SICO Capital to Bahrain-based investment bank SICO BSC for a consideration of RO 1.95 million.

In a disclosure submitted to Muscat Stock Exchange on Sunday, Bank Muscat said, “The bank notifies the market that all the necessary regulatory approvals for the transaction are now received and the transfer of 27.29% shares in SICO Capital has been completed on October 23, 2022. The bank received an amount of around RO 1.95 million as sale consideration.”

"Bank Muscat also acquired a further 2.76% shareholding in SICO BSC for RO 1.95 million and for which the necessary regulatory approvals have been obtained. Subsequent to these transaction, Bank Muscat has now fully exited its shareholding interest in SICO Capital and increased its stake in SICO BSC to 13.14%, which is designated as an associate in the Bank’s financial statements," the bank added.

SICO BSC 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 RO 1.95 million, based on its net book value as of March 31, 2022.

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

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