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Pin to quick picksBankmuscat Regs Regulatory News (BKM)

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Interest to Acquire Major Stake in Muscat Capital

29 Apr 2020 07:15

RNS Number : 2897L
BankMuscat (S.A.O.G)
29 April 2020
 

Date: 29th April 2020

Disclosure on Interest to Acquire Majority Stake in Muscat Capital

Bank Muscat SAOG would like to notify the market that it has received in-principle interest from SICO BSC (c), a Bahrain based regional asset manager and investment bank licensed as a conventional wholesale bank by the Central Bank of Bahrain , to acquire a majority shareholding in Muscat Capital LLC, 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 (equivalent to approximately OMR 8.2mn). 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. Bank Muscat will update the market with respect to any material developments relating to the Proposed Transaction in accordance with its regulatory obligations.

 

 

Abdullah Zahran Al Hinai

Chief Wholesale Banking and Strategic Growth Officer

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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