MSX30 Index ended the week higher by 0.10 per cent. All indexes ended the week higher except for the financial index. The financial Index closed lower by 0.45 per cent. Service index and industrial index ended higher by 0.58 per cent and 1.41 per cent respectively. The MSX Shariah Index closed higher by 0.58 per cent.
National Life and General Insurance Company SAOG (NLGIC) announced that it has entered Into agreements to fully acquire Royal & Sun Alliance Insurance Middle East BSC (RSA Middle East). The acquisition is subject to the respective regulatory and NLGIC's shareholders approvals. NLGIC will execute the transaction in two parts: (i) Acquiring 50.00002 per cent shareholding in RSA Middle East from Sun Alliance Insurance Overseas LTD, a fully owned entity of Royal & Sun Alliance Insurance Limited.; and (ii) Exchange the remaining shares of RSA Middle East, owned by reputable Saudi shareholders, for new shares to be issued by NLGIC.
Al Anwar Ceramic Tiles Company board of directors have decided to go ahead with the second phase of expansion plan in line with earlier disclosure dated December 20, 2020 wherein the company had indicated that the expansion plan would be executed in two phases. The second phase of expansion is in addition to the first phase which is under way and is expected to be commissioned by May, 2022. The second phase will add another 3.5 million sq m of tile manufacturing and is expected to be commissioned around March, 2023 taking our total capacity to around 24 million sq m per annum.
The Sultanate of Oman's consumption of natural gas dropped by 3 per cent year-on-year in February 2022. compared to the same period of last year. Total production of natural gas declined to 3,643 million cubic metres (mncm) in February 2022 against 3,753 mncm in the corresponding period of 2021.
Muscat Stock Exchange (MSX) says it is exploring the establishment of two new subsidiaries in line with its goal to evolve into a world-class bourse ahead of its planned listing on the Omani exchange in about five years. According to MSX Chief Executive Officer Haitham bin Salem al Salmi, one of the proposed entities will emerge from the planned restructuring of the wholly-owned Muscat Clearing & Depository Company (MCD), set up as a central depository of all MSX-listed instruments with an important clearinghouse function as well. The other proposed entity will focus on technological investments in the stock exchange to bring it on par with leading bourses of the region and the wider world.
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