Arabia Falcon Insurance (AFIC) —part of the region’s oldest insurance group — organised an Investor Meet at the Sheraton Oman Hotel last week. The event was attended by top officials from the insurance, banking and investment sectors, and was held in connection with the company’s initial public offering (IPO) that will come to a close on April 2, 2018.
Maroun Kyrillos, Chairman of AFIC, said: “I would like to emphasise that AFIC is selling 25 per cent of its share at the same price that it was purchased at; and believe that the price of 105.56 (1.06) times the book value is a very competitive price. It is noteworthy that four of the seven board members of Arabia Falcon are professional insurers and I am confident that their experience and knowledge is sure to make a difference in securing our objective of continuing to be a profitable insurance company that enjoys the trust of all stakeholders.”
The IPO subscription is 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.
Through the IPO — Arabia Falcon Insurance is offering 25.8m 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 adviser and issue manager for the IPO.