Oman – 3 insurers set to go public
Monday, 07 17 2017, Category: Insurance and Reinsurance, Country: Oman
Three more national insurance companies — Oman Qatari Insurance Company (OQIC), Arabia Falcon Insurance Company (AFIC) and National Life and General Insurance Company (NLGIC) — are preparing to go public by offering part of their stake to the public within the framework of the time plan adopted by the Capital Market Authority (CMA) for converting insurers to public joint stock companies.
CMA approved the issuance of IPO Prospectus of Vision and Al Ahlia Insurance Companies before the Eid Al Fitr holiday.
The move comes as the end of the deadline, three years since the issuance of Royal Decree No. 39/2014, which includes amendments to some provisions of the law of insurance companies, stressed the need to convert all national insurance companies to Omani public shareholding companies.
The minimum paid-up capital of national companies and branches of foreign insurance companies operating in the Sultanate is 10 million rials.
Source: Oman Tribune