Oman Qatar Insurance Co to launch IPO soon
Muscat – The board of directors of Oman Qatar Insurance Company (OQIC), a leading insurer in the sultanate, announced the company’s intention to launch an initial public offering (IPO) soon. The company’s board held its meeting on Thursday.
OQIC is undertaking the IPO to comply with the requirements of Royal Decree 39/2014 which amended Oman’s insurance law requiring licensed insurance firms to obtain public listings.
As per the amended insurance law, non-listed insurers are required to offer at least 25 per cent of their share capital to the public through IPOs. Accordingly, OQIC intends to offer 25mn existing shares through an IPO on the Muscat Securities Market (MSM).
U-Capital is the financial advisor and issue manager for OQIC IPO, according to a press release issued by the company.
Established in 2004, OQIC is a subsidiary of Qatar Insurance Company (QIC) and provides life and general insurance cover in Oman.
Khalaf Ahmed al Mannai, chairman of OQIC, said, “To underscore our commitment to adhere to the Royal Decree, OQIC is announcing the launch of its IPO in the Muscat Securi- ties Market. OQIC fully enjoys the strength and stability of QIC, a company that has evolved from a domestic insurer in Qatar to a well-regarded global composite insurance group. With its strong track record and promising future, OQIC is regarded as one of Oman’s leading insurers.”
“The IPO reflects our vision and commitment to Oman, enabling us build a platform to deliver a range of benefits. It will help us generate employment and develop highly sought after skillsets among Omani nationals and support Omani companies with highly competitive and innovative insurance solutions. Besides, the IPO also gives investors the prospect of sharing in the growth journey of OQIC, and leverage our regional leadership position,” he said.
OQIC’s parent QIC is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. OQIC is supported by QIC Group’s treaty facilities with ‘A’ rated reinsurers from international markets. At the same time, OQIC’s local shareholder, Al Hosn Investment SAOC, a leading business house in Oman has rendered continuous support and guidance.
Announcing the proposed IPO, Navin Kumar, CEO of OQIC, said, “We are very proud of this milestone as this gives OQIC more opportunity to deepen its roots in Oman. OQIC has been built on the core pillars of security, stability and strength, which are reflected in everything we do. Among all the insurance IPOs in Oman, OQIC is unique thanks to its regional leadership and global ambitions.”