MUSCAT, DEC 6 – The shares of Oman’s largest insurer National Life and General Insurance Company SAOC (NLGIC) were listed on the Muscat Securities Market (MSM) yesterday. The listing ceremony took place at 10 am with S Venkatachalam, CEO, NLGIC and Ahmed Saleh al Mahroon, Director-General of Muscat Securities Market, officiating at the bell ceremony. The company launched its IPO recently which came to a close on November 20, 2017. This event was the biggest in the insurance industry with an initial public offering of 66,250,000, where shares were sold at an offer price of 320 Baisas per share.
The company’s growth story and its expertise in medical underwriting, its plans to expand towards other countries, and its growth strategy, spurred strong demand from both institutional and individual investors to make the IPO a success. NLGIC’s successful completion of the IPO is also a shot in the arm for the MSM too, the company said “Thank you, Oman! We are glad for the support received for the IPO and thank each and every investor who has reposed faith in us and made this IPO a success. We assure our investors that we shall continue to work towards bettering our performances in terms of quality as well as numbers and create value for all our stake holders and share holders.” said S Venkatachalam, CEO, National Life and General Insurance Co.