MUSCAT: Bank Muscat SAOG has received in-principle interest from SICO BSC (c), a Bahrain based regional asset manager and investment bank, to acquire a majority shareholding in Muscat Capital LLC.

Muscat Capital is a Saudi Single Shareholder Closed Joint Stock Company, licensed by the Saudi Capital Market Authority and wholly-owned subsidiary of Bank Muscat with a book value of approximately SAR 80mn.

SICO BSC is a Bahrain based regional asset manager and investment bank licensed as a conventional wholesale bank by the Central Bank of Bahrain.

As consideration for the proposed transaction, Bank Muscat would be offered SICO’s shares held currently as treasury shares.

The Board of Directors of Bank Muscat at its meeting held on 28 April 2020 discussed the proposed transaction and agreed to explore the opportunity, subject to completion of satisfactory due diligence and obtaining the requisite internal and external approvals.

Should the proposed transaction proceed, the exact number and percentage of shares in Muscat Capital to be acquired by SICO and treasury shares in SICO to be obtained by Bank Muscat would be finalized after further discussions and the completion of the necessary due diligence and valuation exercises by the parties.