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Oman's Al Ahlia Insurance Company said it has received an offer from National Life & General Insurance Company (NLGIC) to acquire 47.5% of its issued share capital.
In a regulatory filing on Monday, the Muscat stock market listed company, which is a subsidiary of RSA Middle East, said it is not seeking a competing offer from anyone else.
Following the acquisition of the stake, Al Ahlia will be converted into a joint stock company and delisted from the stock exchange and both companies may undergo a restructuring, Al Ahlia said.
NLGIC is a subsidiary of Oman International Development and Investment Company (Ominvest) and is listed on the Muscat Stock Exchange.
In July 2021, NLGIC announced its intent to buy the minority shares in Al Ahlia after it had wholly acquired RSA Middle East. In the transaction, NLGIC purchased 50% shareholding in RSA Middle East from Sun Alliance Insurance Overseas LTD (SAIO), a fully owned entity of Royal Sun Alliance Insurance Limited.
It also exchanged the remaining shares of RSA Middle East, owned by Saudi shareholders, with new issued NLGIC’s shares, making the Saudi shareholders collectively the second largest shareholders in NLGIC after OMINVEST.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
