Arabia Falcon Insurance launches IPO

Arabia Falcon Insurance (AFIC), part of the region’s oldest insurance group — has announced the launch of its initial public offering (IPO) for public subscription. The IPO is open for subscription and close on April 2, 2018.
Through its IPO, Arabia Falcon Insurance is offering 25mn shares at an offer price of 190 baisa per share (comprising a nominal value of 100 baisa per share, premium of 88 baisa and offer expenses of 2 baisa per share). Arabia Falcon Insurance has appointed Ubhar Capital as the financial advisor and issue manager for the IPO. The IPO represents an offer of 25 per cent of the total share capital of the company. The IPO subscription will be open to both Omani and non-Omani investors, and juristic persons, who have their accounts with the MCD, as on the date and/or during the subscription period. “Being part of Arabia Insurance and Al Anwar Holdings SAOG, AFIC has adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders.
The launch of our IPO is a very exciting phase for the company, as it opens a new chapter in its rich history in the Sultanate of Oman. The IPO offers a unique opportunity for all to be a part of Arabia Falcon’s historical success, and its bright future”, said Shabir M A al Yousef, the Deputy Chairman of AFIC.
Commenting on the opening of the IPO, A R Srinivasan, Chief Executive Officer said, “We have constantly made positive strides to become one of the leading companies in the insurance sector in Oman.
The Arabia Falcon Insurance IPO is distinctive, given it represents the combined strength of a well-established Omani institution and the expertise of one of the oldest Arab insurance companies in the business. The opening of our IPO underlines our compliance with the Royal Decree and Omani insurance regulations, and also offers an attractive investment opportunity to investors in Oman and elsewhere.” The company expects to pay its first dividend following the IPO in April 2018.
Application forms for the IPO are available for collection at all branches of the subscription banks: Bank Sohar, National Bank of Oman and Oman Arab Bank.
Falcon Insurance Company (FIC) was established in 2005 and has been operating as Arabia Falcon Insurance Co (AFIC) since March 2017. The company is a subsidiary of Arabia Insurance, the oldest Insurance group in the region, and benefits from Arabia Insurance’s regional and local experience; providing top-notch insurance services to the Omani market.
The company’s second biggest shareholder and promoter is Al Anwar Holdings SAOG; and its other promoters include George Chidiac, Lawrence Investments LLC, ONIC SAOC, and Amin Mohammed al Shareef. Al Anwar Holdings SAOG is one of the leading financial services company in the Sultanate and has strategic investments in prominent entities like Al Maha Ceramics, Voltamp, Nabil, National Detergents, Al Ruwad School etc.
The company provides protection services in general insurance and life insurance, and operates from several branches all over Oman.
Having the strong support of a number of well-respected international re-insurers such as Swiss Re, Partner Re and Munich Re, AFIC has been providing quality insurance services to several prominent business groups in Oman.
AFIC has plans to open more branch offices; thus expanding its network all over Oman.