SICO to acquire stake in Bank Muscat subsidiary
Published 20 Dec,2020 via Muscat Daily - Bank Muscat and Bahrain-based investment bank SICO have agreed to go ahead with SICO’s offer to acquire a majority stake in Muscat Capital Company, a wholly-owned Saudi-based subsidiary of Bank Muscat.
Earlier in April this year Bank Muscat had received SICO’s acquisition offer for a majority stake in Muscat Capital and the bank’s board of directors had agreed to explore the offer.
Riyadh-based Muscat Capital has a book value of approximately SAR80mn as on June 30, 2020 (equivalent to approximately RO8.2mn).
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