OQIC to float IPO on Muscat bourse
13 Aug 2017 - 0:40
Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Group, announced its plans to float 25 million shares through an initial public offering on the Muscat Securities Market, amid speculation that the IPO shares will be listed on the Muscat Securities Market next month.
A Royal Decree stipulated non-listed national insurers in Oman are required to offer at least 25 percent of their share capital to the public through IPOs.
Qatar Insurance Group, of which Qatar Insurance Company (QIC) owns about 70 percent, said in a press release that U-Capital is the financial advisor and issue manager for the transaction.
Chairman of Qatar Insurance Group Khalifa Abdullah Turki Al Sebaie stressed the strategic importance of the move aiming at strengthening the Group’s position in the Sultanate of Oman market.
He noted that the first offering comes within the framework of efforts to comply with the provisions of the Royal Decree amending the Insurance Law, which obligates licensed insurance companies to work in the Sultanate with a number of requirements, including offering their shares for public subscription.
He underlined the importance of this step for the OQIC which reflects the vision of Qatar Insurance Group as a major partner in Omani market and the offering is a great opportunity for shareholders in Oman to become part of the group.
Established in 2004, OQIC is a subsidiary of the Qatar Insurance Company (QIC) and provides life and general insurance cover in Oman. The company operates through five retail branches and digital channels.