SICO completes 100% acquisition of SICO Capita

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

SICO BSC, a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), yesterday announced acquiring the remaining 27.29% stake held by Bank Muscat in SICO Capital, a Saudi based full-fledged capital markets services provider.

SICO had signed an agreement with Bank Muscat to acquire the remaining stake last month.

The acquisition value for the remaining stake in SICO Capital is BD 1.9 million, based on its net book value as of 31 March 2022.

SICO acquired a majority stake amounting to 72.7% in the Saudi-based wholly-owned subsidiary of Bank Muscat in 2021 via a share swap and rebranded it to SICO Capital post the acquisition.

Bank Muscat is a shareholder of SICO and currently owns 13.14% of the Bank. SICO Capital is now a fully-owned subsidiary of SICO following the acquisition of the remaining stake.

Chairman of the Board of SICO, Shaikh Abdulla bin Khalifa Al Khalifa, said, “We believe that a direct presence in a core, highgrowth market such as Saudi Arabia will allow us to leverage our capabilities and further enhance our ability to diversify our offerings in the three countries that we operate in, while introducing new products and value-added services to meet the evolving needs of our clients.”

“We are additionally looking forward to contributing to the Kingdom’s ambitious strategic plans for the capital market as part of its Vision 2030.”

SICO’s Chief Executive Officer, Najla Al-Shirawi, commented, “We look forward to further enhancing the entity’s established platform and professional team in the Kingdom by building a business model that is unique to the Saudi market, while leveraging the success that we have had in Bahrain as a leading regional asset manager, broker and investment bank.”