Sale of Bank Muscat’s 27.29% stake in SICO Capital

Date: 18 September 2022

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