Bank Muscat is planning to increase its stake in SICO, a Bahrain-based leading regional investment bank, by acquiring an additional 1.38 per cent shareholding.
‘We wish to disclose that Bank Muscat has obtained necessary regulatory approvals to acquire a further 1.38 per cent shareholding in SICO via a secondary market purchase,’ Bank Muscat said in a disclosure submitted to the Muscat Stock Exchange on Monday.
Subsequent to this transaction, Bank Muscat’s shareholding in SICO will be increased to 10.38 per cent. Net worth of SICO as of June 30, 2021 stood at BD66.965mn, Bank Muscat said.
In March 2021, SICO acquired a majority 72.7 per cent stake in Saudi-based Muscat Capital which was then a wholly-owned subsidiary of Bank Muscat.
The acquisition took place by way of a share swap. As a result of the transaction, SICO owns 72.7 per cent of Muscat Capital while Bank Muscat owns a 9 per cent shareholding in SICO.
SICO is a leading regional asset manager, broker, market maker and an investment bank.