The leading regional asset manager, broker, market maker and investment bank SICO BSC announced that it was acquiring the remaining 27.29 percent stake held by Bank Muscat in SICO Capital, a Saudi-based full-fledged capital markets services provider, DT News reported.
SICO, which is licensed as a wholesale bank by the Central Bank of Bahrain (CBB), agreed with Bank Muscat to acquire the remaining stake last month.
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The acquisition value for the remaining stake in SICO Capital is BD 1.9 million ($5 million), based on its net book value as of March 31, according to DT News.
It said SICO acquired a majority stake amounting to 72.7 percent in the Saudi-based wholly-owned subsidiary of Bank Muscat in 2021 through a share swap and rebranded it to SICO Capital post the acquisition.
Bank Muscat is a shareholder of SICO. Currently, it owns 13.14 percent of the Bank. SICO Capital is now a fully-owned subsidiary of SICO following the acquisition of the remaining stake.
According to DT News, SICO Board Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “We believe that a direct presence in a core, high growth market, such as Saudi Arabia will allow us to leverage our capabilities and further enhance our ability to diversify our offerings in the three countries that we operate in, while introducing new products and value-added services to meet the evolving needs of our clients.”
“We are additionally looking forward to contributing to the Kingdom’s ambitious strategic plans for the capital market as part of its Vision 2030,” he added.
SICO’s Chief Executive Officer Najla Al-Shirawi said: “We look forward to further enhancing the entity’s established platform and professional team in the Kingdom by building a business model that is unique to the Saudi market, while leveraging the success that we have had in Bahrain as a leading regional asset manager, broker and investment bank.”
This article has been adapted from its original source.
