Bahrain’s SICO eyes majority stake in Muscat Capital

      Published on Friday, 1 May , 2020      809      
Bahrain’s SICO eyes majority stake in Muscat Capital

  • Business

Bahrain’s SICO is interested in acquiring a majority stake in Muscat Capital, the investment banking arm of Bank Muscat in Saudi Arabia.

Bank Muscat said in a statement to Muscat Securities Market that it has received “in-principle interest” from SICO for an acquisition.

Muscat Capital’s book value stands at approximately 80 million Saudi riyals ($21.3 million).

For the proposed transaction, Bank Muscat would be offered SICO’s shares held currently as treasury shares, the statement said.

The Omani lender’s board agreed in a meeting on Tuesday to explore the opportunity, subject to completion of satisfactory due diligence and obtaining the requisite internal and external approvals.

Category Business | 2020/05/01 latest update at 9:20 AM
Source : Zawya | Photocredit : Google
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