Oman Qatar In­sur­ance Co to launch IPO soon

Muscat Daily - - BUSINESS -

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.”

The board of di­rec­tors of OQIC held its meet­ing on Thurs­day

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