Bahrain's SICO eyes majority stake in Muscat Capital

Muscat Capital book value stands at approximately $21.3mln

  
General view of Bahrain World Trade Center in Manama, Bahrain, February 21, 2019. Image used for illustrative purpose.

General view of Bahrain World Trade Center in Manama, Bahrain, February 21, 2019. Image used for illustrative purpose.

REUTERS/Hamad I Mohammed

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.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#BAHRAIN #SICO #MUSCATCAPITAL #ACQUISITION

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