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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Vision Insurance IPO opens

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Business Reporter  -


MUSCAT, JULY 8 -


The Initial Public Offering (IPO) of well-known Omani insurer Vision Insurance SAOG (under transformation) opens on the Muscat Securities Market (MSM) today with an offering of 25 million shares at a price of 162 bz per share.


The IPO runs from July 9 to August 7, 2017 with Ahlibank as Issue Manager. Subscription banks are Ahlibank, Oman Arab Bank (OAB), National Bank of Oman (NBO) and Bank Sohar.


The offer price of 162 bz per share comprises a nominal value of 100 bz plus a share premium of 60 bz and offer expenses of 2 bz per share. The offer shares, constituting 25 per cent of the share capital of the company, comprise ordinary shares with each single share carrying the right to one vote at a General Meeting, said Vision Insurance in its IPO prospectus.


Vision Insurance said the IPO is a divestment of a proportion of the shares currently held by as many as 11 shareholders, with the proceeds from the IPO (including the premium, minus the issue expenses) accruing to the selling shareholders. Subscription is open to Omani and non-Omani individuals, as well as juristic persons having an investor account with the Muscat Clearing & Depository.


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