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DUBAI (Reuters) - Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of its initial public offering (IPO) this year, Group CEO Khalid al-Hussan said on Wednesday.
FILE PHOTO: Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri/File Photo
Tadawul has received proposals from 10 local and international firms on potential advisory roles for its upcoming IPO and a decision on role or roles will be announced in two weeks, al-Hussan said.
Saudi Tadawul Group will have four subsidiaries: Saudi Exchange, its stock exchange business unit, Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and innovation unit Wamid.
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Sico, a Bahrain-based financial services firm, acquired a majority stake in Muscat Capital, the Saudi Arabia-based investment banking unit of Bank Muscat.
The 5.5 million Bahraini dinar ($14.6m) deal was carried out through a share swap, with 38.56 million Sico treasury shares swapped for 4.36 million shares out of Muscat Capital’s 6 million outstanding shares, Sico said in a statement on Monday.
The Bahrain-based company now owns 72.2 per cent of Muscat Capital while Bank Muscat, one of the biggest financial institutions in Oman, controls a 9 per cent stake in Sico, which offers investment banking, brokerage and market-making services to its clients in the region.
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