MUSCAT, JULY 16 – Following the successful launch of the Initial Public Offering (IPO) of Al Ahlia Insurance Company (Al Ahlia) SAOG (under transformation), investor interest is gathering pace. The company has been holding several one-on-one meetings with key investors, collecting banks, research analysts and brokerages, and also hosted a media briefing followed by an investor roadshow. The events which were held in Muscat have been well attended by a wide cross-section of investor groups, including institutional investors, high-net worth individuals and established businesses. Top management and board of directors representing Al Ahlia Insurance and its promoters interacted with the attendees and the media, and received a positive response from investors to the offering.
In his opening remarks at the event, Anwar Ali Sultan, Chairman of Al Ahlia Insurance Co said, “Al Ahlia has been a part of the remarkable success of Oman as a nation, and the company is very proud of the leading role it has played in the sector. Al Ahlia has the backing of reputed promoters: RSA Insurance Group, which has a legacy of over 300 years and is one of the world’s leading multinational insurance groups; Ominvest, one of the longest established investment companies in the Gulf region; WJ Towell Group, the oldest and one of the largest business groups in Oman, and OHI Group, a premier business house in Oman with several subsidiaries and associate companies. The promoters will continue to hold an aggregate of 75 per cent shares post-IPO, and will continue to ensure reliable management and governance of the company.”
Elaborating the company’s strengths, Lloyd East, Regional CEO, RSA (Middle East) and Managing Director of Al Ahlia said: “We are very pleased with the strong interest and enthusiasm surrounding the IPO of Al Ahlia. ”
Al Ahlia is offering 25,000,000 Offer Shares at an Offer price of bzs 300 per Offer Share (Comprising a nominal value of bzs 100 and a premium of bzs 200). The IPO represents an offer of 25 per cent of the share capital of the Company.
At the IPO price, the Company offers an attractive average projected dividend yield of 9.3 per cent for the first four years. The first dividend of bzs 11 is expected to be paid by the Company in August/September 2017 with semi-annual dividend distributions thereafter. The IPO offer period will close on August 2, 2017.