Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Group, announced its plans to float 25mn shares through an initial public offering on the Muscat Securities Market, amid speculation that the IPO shares will be listed on the MSM next month.
A Royal decree stipulates that non-listed national insurers are required to offer at least 25% of their share capital to the public through IPOs.
Qatar Insurance Group, of which Qatar Insurance Company (QIC) owns about 70%, said in a press release that U-Capital is the financial adviser and issue manager for the transaction.
Chairman of Qatar Insurance Group Khalifa Abdullah Turki al-Sebaie stressed the strategic importance of this move, aiming at strengthening the group’s position in the Oman market, noting that the first offering comes within the framework of efforts to comply with the provisions of the Royal decree amending the Insurance Law, which obligates licenced insurance companies to work in the Sultanate with a number of requirements, including offering their shares for public subscription.
He underlined the importance of this step for the Oman Qatar Insurance Company, which reflects the vision of Qatar Insurance Group as a major partner in the market of the Sultanate of Oman, and the offering is a great opportunity for shareholders in Oman to become part of Qatar Insurance Group.
Established in 2004, OQIC is a subsidiary of the Qatar Insurance Company (QIC) and provides life and general insurance cover in Oman.
The company operates through five retail branches and digital channels.
OQIC believes in delivering innovative retail solutions for home, travel and car insurance to every segment of its customer base.
The company also serves as a link for providing insurance services across the Gulf Cooperation Council (GCC) and helps connect overseas insurance interests through its global network.
OQICs parent, QIC, is a publicly-listed composite insurer, with a consistent performance history of over 50 years and a global underwriting footprint.
Founded in 1964, QIC was the first domestic insurance company in Qatar.
Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and Middle East and North Africa (Mena) region.