​Based upon the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, The Board of the Capital Market Authority issued its resolution to approve the cancellation of the license granted to SICO Financial Saudi Company to conduct Managing Private Non-real-estate Investment Funds and Managing Sophisticated Investor Portfolios activities in the securities business, based upon its request. This license cancellation request is based on the completion of SICO BSC (C) acquisitions - the owner of SICO Financial Saudi Company- of a controlling share of Muscat Capital Co – A capital market institution licensed to conduct securities business in Saudi Arabia. As per to this change, Muscat Capital Co has changed its name to SICO Financial Company. It is worth mentioning that SICO Financial Saudi Company is licensed by CMA in 2019 and has not commenced its business yet.