MUSCAT: In its meeting on August 3, 2017, the Board of Directors of Oman Qatar Insurance Company SAOG, a leading insurance company in Oman, has announced the company’s intention to launch its Initial Public Offering (IPO).
OQIC is undertaking the IPO in order to comply with the requirements of Royal Decree 39/2014, which amended the Insurance Law to require (among other matters) licensed insurance companies to obtain public listings.
Under the Decree, non-listed insurers are required to offer at least 25 per cent of their share capital to the public through IPOs. Accordingly, OQIC, intends to offer 25 million existing shares through an IPO on the Muscat Securities Market.
U-Capital is the financial advisor and issue manager for the transaction.
Established in 2004, OQIC is a subsidiary of Qatar Insurance Company (QIC or the Group) and provides life and general insurance cover in Oman.
The company operates through five retail branches and digital channels.
OQIC believes in delivering innovative retail solutions for Home, Travel and Car Insurance to every segment of its customer base.
The Company also serves as a link for providing insurance services across the GCC and helps connect overseas insurance interests through its global network.
OQIC’s parent, QIC, is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar.
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