Khalifa Abdulla Turki Al Subaey
Doha: Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Group, announced Saturday that its initial public offering (IPO) was closed successfully, with a subscription value exceeding 4 million Omani riyals.
The OQIC offered 25 million shares at an offer price of 160 baisa per piece, which represents an offer of 25 percent of the total share capital of the company.
The company said in a statement that the IPO came as a result of the strong demand from individual and institutional investors. The shares are expected to be traded on the Muscat Securities Market starting on Thursday, October 19.
CEO of Qatar Insurance Group Khalifa Al Subaey expressed his gratitude for the strong response to the initial IPO on the shares of the Oman Qatar Insurance Company.
Al Subaey said that the OQIC gives an example of Qatar Insurance's strong commitment to the Sultanate of Oman and to operations in the Middle East region in general, noting that the successful IPO reflects the company's strong growth since its inception in 2004 and demonstrates the strong confidence which investors place on Qatar Insurance Group, which has a proven track record in profitability and value generation for more than 50 years of operations.
For his part, OQIC chief executive Navin Kumar the success of the initial public offering demonstrates the company's high standing as one of the leading insurance companies in the Sultanate of Oman, welcoming the new investors as shareholders of the Oman Qatar Insurance Company.
Established in 2004, Oman Qatar Insurance Company (OQIC) is a subsidiary of Qatar Insurance Group. It provides general and life insurance services in the Sultanate of Oman. The company operates through 5 retail branches, as well as several digital channels, bank insurance channels, and 30 sale points through agencies and intermediaries.
QIC, is a publicly-listed composite insurer, with a consistent performance history of over 50 years and a global underwriting footprint.
