Bank Muscat gets offer for Saudi-based company

Muscat: Bank Muscat said in a filing to Muscat Securities Market (MSM) that it received an initial offer from SICO, an assets manager and a regional investment bank based in the Kingdom of Bahrain, and licensed by the Central Bank of Bahrain to acquire a majority stake in the Muscat Capital (Saudi Arabia).

It is a closed joint-stock company wholly owned by Bank Muscat, based in the Kingdom of Saudi Arabia, and licensed by the Saudi Capital Market Authority, with a book value of about SR80 million, which is approximately RO8.2 million.

The bank added that, in exchange for the proposed deal, Bank Muscat will obtain a stake in the capital of SICO, which is currently registered as treasury shares.

The filing said the Board of Directors of Bank Muscat discussed the proposal at its meeting yesterday and agreed to proceed with its study, subject to completing the due diligence procedures and obtaining the necessary approvals from the competent legislative authorities.

The bank said if the proposed deal is taken forward, the number of shares and the stake that Sico will own in Muscat Capital will be determined, as well as the number of registered treasury shares for SICO that the Bank Muscat will receive in return, after completing negotiations, evaluation procedures, and due diligence.

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