Al Ahlia Insurance listed on MSM as directed by Royal Decree
MUSCAT: Following the successful close of the Initial Public Offering (IPO) and the strong response generated with over 2.5 times subscription, Al Ahlia was listed on the Muscat Securities Market (MSM) on August 17 – the deadline set by regulators as directed by a Royal Decree.
A listing ceremony marking the milestone was held at MSM and was attended by Abdullah Al Salmi, executive president of the Capital Market Authority (CMA), as well as other senior members and dignitaries representing CMA, MSM and MCDC (Muscat Clearing & Depository Co.). Apart from external stakeholders, the ceremony also brought together the board, management team and a large group of proud employees of Al Ahlia.
Anwar Ali Sultan, chairman – Al Ahlia Insurance Co. said, “We have been working tirelessly towards this day, and the success we celebrate today is the result of all the hard work that the employees have put into building up Al Ahlia Insurance Co, the trust and confidence placed on us by our customers and partners, and the immense support and guidance we have received from the regulators. Al Ahlia has played a leading role in the insurance industry in Oman and takes great pride in being the first conventional insurance company to be publicly listed as directed by the Royal Decree issued by His Majesty Sultan Qaboos bin Said.”
“With the sound of the opening bell, Al Ahlia will open a new chapter in its long history in the Sultanate of Oman. And with it, the company will reinforce its commitment – to you as employees, our partners, our customers and the people of Oman – to continue to support individuals, businesses and the economy in the further progress of our great nation,” he added.
After opening at Bzs 306, the scrip touched a high of Bzs 330, before closing at 318bz per share at the end of trading on 17 August 2017. According to market data, around 14.6m shares of Al Ahlia worth around OMR4.7m were traded on the day of listing.
As a token of appreciation for the support and guidance received from the CMA, Anwar handed a memento to Al Salmi.
Commenting on the achievement, Lloyd East, Regional CEO, RSA (Middle East) & managing director of Al Ahlia said, “It is indeed a proud moment for all of us at Al Ahlia. That we had so many of our colleagues joining the listing ceremony is a sign of how strongly we feel about being a public listed company. It is a time for us to celebrate, reflect on our achievements, and to recommit ourselves to continue on our journey of success to deliver value for our existing and new shareholders. Once again, we extend our thanks to CMA, MSM and MCDC for their incredible support through the process.”
Al Ahlia offered 25,000,000 Offer Shares at an Offer price of Bzs 300 per Offer Share (Comprising a nominal value of Bzs 100 and a premium of Bzs 200). The IPO represented an offer of 25% of the share capital of the company. The OMR7.5m offering was comfortably oversubscribed and attracted strong levels of demand from both retail and institutional investors across the country, making it the first successful IPO in 2017