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Bahrain-based financial services company SICO has signed an agreement with Oman's Bank Muscat to acquire the remaining 27.29% stake held by the bank in SICO Capital, a Saudi based capital markets services provider, for about BHD 1.9 million ($5.05 million).
The transaction closure will be subject to receiving all the required regulatory approvals, SICO said in a statement.
SICO acquired a 72.7% stake in the Saudi-based wholly-owned subsidiary of Bank Muscat in 2021 via a share swap and successfully rebranded it to SICO Capital post acquisition.
Bank Muscat is a shareholder of SICO and currently owns 10.38% of the Bank.
Once the transaction is completed, SICO Capital will become a fully owned subsidiary of SICO.
(Writing by Brinda Darasha; editing by Seban Scaria)
