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Bank Muscat (S.A.O.G.) completed the sale of its 27.29% stake in SICO Capital to SICO BSC (c) on 23 October 2022 for approximately OMR 1.95 million, fully exiting its shareholding in SICO Capital. Concurrently, Bank Muscat acquired an additional 2.76% shareholding in SICO BSC (c) for OMR 1.95 million, increasing its total stake in SICO BSC (c) to 13.14%.
| Date | 24 Oct 2022 |
| Time | 07:00:04 |
| Category | Acquisitions and alliances |
| ID | 7884D |
Date: 23 October 2022
Subject: Sale of Bank Muscat's stake in SICO Capital and Acquisition of an additional stake in SICO BSC (c)
We refer to our disclosure dated 18 September 2022, wherein the Bank informed the market that it had signed the necessary agreements to sell its 27.29% stake in SICO Capital, based in the Kingdom of Saudi Arabia (KSA), to SICO BSC (c), based in the Kingdom of Bahrain.
We wish to notify the market that all the necessary regulatory approvals for the transaction are now received and the transfer of the 27.29% shares in SICO Capital has been completed on 23 October 2022. The Bank received an amount of around OMR 1.95 million as sale consideration.
Bank Muscat has also acquired a further 2.76% shareholding in SICO BSC (c) for OMR 1.95 million and for which the necessary regulatory approvals have been obtained.
Subsequent to these transactions, Bank Muscat has now fully exited its shareholding interest in SICO Capital and increased its stake in SICO BSC (c) to 13.14%, which is designated as an associate in the Bank's financial statements.
Waleed K. Al Hashar
Chief Executive Officer