MUSCAT: Three national insurance companies (Oman Qatari Insurance Company (OQIC), Arabia Falcon Insurance Company (AFIC) and National Life and General Insurance Company (NLGIC) are preparing to become public shareholding companies by offering part of their capital to the public subscription within the framework of the time plan adopted by the Capital Market Authority (CMA) and the heads of the boards of national insurance closed shareholding companies to be converted into a public contribution.
CMA approved the issuance of IPO Prospectus of Vision and Al Ahlia Insurance Companies before the Eid al Fitr holiday.
The move comes as the end of the deadline, three years since the issuance of Royal Decree No 39/2014, which includes amendments to some provisions of the law of insurance companies, stressed the need to convert all national insurance companies to Omani public shareholding companies.
The minimum paid capital of national companies and branches of foreign insurance companies operating in the Sultanate of Oman is RO 10 million.
This transformation enhances the financial strength of the insurance companies. It contributes to the protection of the document holders and achieves high organisational standards for companies that enable them to face the future risks that they cover and subscribe to, thus contributing to the development of the sector and improving its performance for the better.
On the other hand, the IPO of Al Ahlia and Vision Insurance Companies is continuing, which started immediately after Eid al Fitr holiday on July 4.
As for Al Ahlia Insurance Company, the IPO will continue until the 2nd of August 2017 at an offer price of 300 baisas.
Vision Insurance Company started its IPO on July 9 and will last until August 7th at a price of 162 baisas per share. — ONA
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