Muscat – Bank Muscat has decided to sell its 27.29 per cent stake in Saudi-based SICO Capital to Bahrain-based investment bank SICO for a consideration of RO1.95mn.

‘The bank would like to notify the market that it has now entered into an agreement with SICO to sell the remaining 27.29 per cent stake held by Bank Muscat in SICO Capital (previously named Muscat Capital) to SICO,’ Bank Muscat said in a disclosure submitted to the Muscat Stock Exchange on Sunday.

The sale consideration is estimated to be approximately RO1.95mn for the remaining 27.29 per cent stake of Bank Muscat in SICO Capital, based on its net book value as of March 31, 2022, the disclosure said.

Bank Muscat further said that it intends to acquire an additional stake in SICO in an amount equal to the sale consideration.

‘The closing of the transaction is subject to receipt of necessary regulatory approvals. Bank Muscat will inform the market once the transaction is completed,’ Bank Muscat added.

In March 2021, SICO had acquired a majority 72.71 per cent stake in Muscat Capital (now SICO Capital) from Bank Muscat.

SICO Capital is a full-fledged capital markets service provider in Saudi Arabia with multiple licenses including asset management, investment banking and brokerage.