Saudi Press

Saudi Arabia and the world
Thursday, Dec 07, 2023

SICO completes 100% acquisition of SICO Capital

SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced today that it has acquired 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 and the successful transaction closure was completed after obtaining all the required regulatory approvals. 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 successfully 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 are very pleased with the successful completion of this transaction, which is a major milestone in implementing our unified strategy across our subsidiaries.We believe that a direct presence in a core, high-growth 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,“Our fully-owned presence in Saudi Arabia through SICO Capital lends us a strong competitive advantage as a regional market player. 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. I would like to thank all the regulators in Bahrain,Saudi Arabia, and Oman for their timely support and approvals on this transaction.”

SICO Capital is a full-service investment banking firm based in Riyadh, Saudi Arabia, that offers a comprehensive range of financial services to individual, institutional, and corporate clients. With multiple licenses by the Saudi Capital Markets Authority including asset management, investment banking, and brokerage, the company offers SICO an ideal platform to offer a diversified suite of services to a wider client base in Saudi Arabia, the region’s largest capital market.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Henry Kissinger, the influential American diplomat, Nobel Peace Prize laureate, and former Secretary of State, passed away at 100 at his Connecticut home.
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Here is a video showing the moment of the release of the captives by the terrorist organization Hamas and their transfer to the Red Cross on their way back to the State of Israel.
Bill Gates Envisions a Possible 3-Day Work Week with AI
Abu Dhabi-Backed Fund Poised to Assume Control of UK's Telegraph Media Group
Biden Advocates for Palestinian Authority to Govern Gaza and West Bank
Apple and Disney Halt Ads on X Following Elon Musk's Antisemitic Post, US Reacts
The UK’s Supreme Court, in a move that surprised no one who respects international law and human rights, has just delivered a landmark ruling against Prime Minister Rishi Sunak’s immigration strategy.
Top German journalist received €600,000 from Putin ally, leak reveals
A Dramatic Video from Gaza, Provided by IDF Spokesperson Daniel Hagari, Offers Undeniable Evidence of Hamas Establishing Terror Operation Bases Near Schools, Above Hospitals, and Inside Civilian Areas.
Moody's Downgrades U.S. Credit Outlook to Negative Amid Fiscal Concerns
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
×