Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Al Ahlia to launch IPO soon, to offer 25% of share capital

MSM oman
MSM oman
minus
plus

Al Ahlia Insurance Company (under transformation) has announced its intention to launch its Initial Public Offering (IPO) soon. The company would be offering 25 per cent of its share capital to the public through an IPO. Accordingly, Al Ahlia Insurance Co (Al Ahlia), intends to offer 25,000,000 shares through an IPO followed by listing on the Muscat Securities Market (MSM).


Bank Muscat Investment Banking Division is the financial adviser and the sole issue manager for the transaction.


Al Ahlia is one of the leading property and casualty insurers in Oman with strong promoters led by RSA Insurance Group and supported by experienced local shareholders. RSA Group, the largest shareholder of Al Ahlia has over 300-year heritage and is one of the world’s leading multinational insurance groups employing over 13,000 people, serving over 9 million customers in more than 100 countries and net written premiums of $8.2 billion (in 2016).


The company also benefits from having three well reputed Omani Shareholders: OMINVEST, WJ Towell Group and OHI Group.


The company commands a significant share of the insurance market in Oman, and has been consistently achieving underwriting results due to a combination of strong local capability within an internationally tested framework, a well-developed multi-channel, pan Oman distribution network as well as an innovative product range supported by a robust strategy.


Anwar Ali Sultan, Chairman, Al Ahlia Insurance Co. Oman, said, “In line with our commitment to adhere to the Royal Decree 39/2014, Al Ahlia is moving forward with the launch of its IPO. This is indeed a very exciting phase for the company, as it opens a new chapter in its rich history in the Sultanate of Oman. Being one of the oldest insurance companies, Al Ahlia has been part of the remarkable success of Oman as a nation. As one of the premium national insurance companies, we take pride in the spearheading role Al Ahlia is playing in the insurance sector.”


Insurance forms the bedrock for businesses to manage risks and succeed, and individuals to focus on their lives and thrive in the community.


Al Ahlia has been the firm ground on which both businesses and individuals alike across Oman have been able to place their confidence and trust to build their future. Being part of the RSA Group, Al Ahlia has adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders.


SHARE ARTICLE
arrow up
home icon