Last checked at 29 Apr 2020 07:15
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