Oman insurance firm plans IPO
Muscat, October 9, 2013
Oman's Al Madina Insurance Company (AMIC) said it plans to list its shares on the local bourse as part of its transformation into a takaful (Islamic insurance) firm.
AMIC said it planned to issue 66.67 million shares with a face value of 0.1 rial per share, equating to 40 per cent of its total post-IPO capital. The offer will take place "some time during this year depending on approval" from Oman's Capital Market Authority (CMA), it said.
Oman decided in 2011 to introduce Islamic finance; its draft takaful regulations require local Islamic insurers to be public companies, and AMIC said it expected to become "one of the first takaful companies" on the market.
It was unclear how much money AMIC planned to raise. "There will be a premium on shares offered," the company said without elaborating.
AMIC said it had a market share of about five percent in Oman in terms of gross written premiums, and would rank sixth or seventh among 23 insurance companies. -Reuters
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards