MUSCAT: Bank Muscat has disclosed that it received an initial offer from SICO, an assets manager and a regional investment bank based in Bahrain to acquire a majority stake in Muscat Capital LLC, a joint-stock company based in Saudi Arabia, wholly owned by Bank Muscat.
In a disclosure statement issued to Muscat Securities Market (MSM) on Wednesday, Bank Muscat said it received the offer with a book value of approximately RO 8.2 million.
According to Bank Muscat, the Board of Directors had discussed the proposal and agreed to proceed with its study “subject to completing the due diligence procedures and obtaining the necessary approvals from the competent legislative authorities.”
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“As consideration for the proposed transaction, Bank Muscat would be offered SICO’s shares held currently as treasury shares,” the statement said.
