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)
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