SICO Signs agreement to acquire majority stake in Saudi-Based Muscat Capital

The agreement was signed following the successful completion of due diligence exercises and internal approvals from the respective parties as well as the Central Bank of Bahrain


SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced today that it has signed an agreement with Bank Muscat SAOG to acquire a majority stake amounting to 72.71% in Saudi-based Muscat Capital, a wholly owned subsidiary of Bank Muscat.

The agreement was signed following the successful completion of due diligence exercises and internal approvals from the respective parties as well as the Central Bank of Bahrain. The transaction will be completed upon receiving all necessary approvals from the relevant regulatory authorities in Saudi Arabia and other relevant jurisdictions. 

SICO shall acquire 72.71% stake in Muscat Capital through transfer of all its treasury shares to Bank Muscat. This would result in Bank Muscat owning 9% shareholding in SICO, amounting to a total of 38,563,894 shares, upon completion of the transaction.

 “We are extremely pleased to sign this agreement for acquiring Muscat Capital (Saudi), which will broaden our regional presence and service offerings in the region’s largest market, Saudi Arabia.”, said Najla Al Shirawi, SICO’s Chief Executive Officer. “We look forward to the closing of this transaction and to the new partnership with Bank Muscat as we work together to uncover new growth opportunities.”

Bank Muscat is a leading financial institution based in the Sultanate of Oman and operating under a banking license issued by the Central Bank of Oman. Its subsidiary, Muscat Capital is a full-service capital market institution established in 2009 and operating in Saudi Arabia licensed by the Saudi Arabian Capital Market Authority.

Send us your press releases to

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases