Bahrain-based Sico, a leading regional asset manager, said it has signed an agreement with Bank Muscat to acquire the remaining 27.3% stake in Sico Capital, a Saudi-based capital markets services provider. Bank Muscat currently owns 10.3% stake in Sico.
Sico buys Saudi investment bank in $14.4m share swap
MANAMA, 11 days ago Sico, a leading regional asset manager, broker, market maker and investment bank based in Bahrain, announced today (March 15) that it has completed the transaction to acquire a majority stake amounting to 72.7% in the Saudi-based Muscat Capital, a wholly owned subsidiary of Bank Muscat after obtaining all relevant approvals. Sico, which is licensed as a wholesale bank by the CBB, said the acquisition took place by way of a share swap valued at BD5.5 million ($14.4 million), with 38.5 million of Sico’s treasury shares swapped for a majority stake amounting to 4.36 million shares out of Muscat Capital’s 6 million total outstanding shares.