Ahlia and Vision will offer shares in Muscat exchange
Tuesday, 07 04 2017, Category: Insurance and Reinsurance, Country: Oman
The Muscat Securities Market (MSM) will see two initial public offerings (IPOs) by two insurance companies over the next two weeks with an offer size of 11.5 million rials.
Al Ahlia Insurance IPO will open on July 4 and close on August 2 while that of Vision Insurance will open on July 9 and close on August 7. In line with the Royal Decree, insurance companies are to change their legal status to public joint stock companies no later than August 2017.
Al Ahlia will be offering 25 million shares at a price of 300 baisas per share. While the nominal value is 100 baisas, there will be a premium of 200 baisas per share. Bank Muscat is the financial adviser and issue manager. The offer size is 7.5 million rials.
Vision Insurance is to offer 25 million shares at a price of 162 baisas per share with the nominal value of each share at 100 baisas, a premium of 60 baisas and offer expenses of 2 baisas. The offer size is 4 million rials. ahlibank is issue manager.
Source: Oman Tribune