News

SICO buys stake in Muscat Capital

Acquisition 0Bahraini asset manager, SICO, has completed its acquisition of a majority stake in Saudi-based Muscat Capital, the investment banking arm of Bank Muscat. The transaction involved a share swap which has left SICO owning a 72.7% share in Muscat Capital which is valued at BD5.5 million (US$14.62 million). Meanwhile, Bank Muscat owns a 9% stake in SICO. SICO chairman Shaikh Abdulla bin Khalifa Al Khalifa said the transaction was “a major step in our regional expansion and growth strategy”. It also gives SICO a direct presence in the region’s largest capital market. ©2021 funds global mena

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