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On September 18, 2022, Bank Muscat (S.A.O.G) entered into an agreement with SICO BSC (c) to sell its remaining 27.29% stake in SICO Capital (previously Muscat Capital). The estimated sale consideration for this 27.29% stake is approximately OMR 1.95 million, based on its net book value as of March 31, 2022. Bank Muscat intends to acquire an additional stake in SICO BSC (c) in an amount equal to the sale consideration, with the closing of the transaction subject to regulatory approvals.
| Date | 19 Sept 2022 |
| Time | 07:00:03 |
| Category | Disposals |
| ID | 8404Z |
Date: 18 September 2022
|
Subject: |
Signing of agreements for sale of Bank Muscat's 27.29% stake in SICO Capital |
We refer to our disclosures dated 20 December 2020 and 16 August 2021 regarding 72.71% stake sale in Muscat Capital, based in Kingdom of Saudi Arabia (KSA) to SICO BSC (c) ("SICO"), a Bahrain based investment bank.
The Bank would like to notify the market that it has now entered into an agreement with SICO to sell the remaining 27.29% stake held by Bank Muscat in SICO Capital (previously named Muscat Capital) to SICO.
The sale consideration is estimated to be approximately OMR 1.95 million (Sale Consideration) for the remaining 27.29% stake of Bank Muscat in SICO Capital, based on its net book value as of 31st March 2022. Further, the Bank intends to acquire an additional stake in SICO BSC (c) in an amount equal to the Sale Consideration.
The closing of the transaction is subject to receipt of necessary regulatory approvals. Bank Muscat will inform the market once the transaction is completed.
Waleed K. Al Hashar
Chief Executive Officer