Part of the region’s oldest insurance group - Arabia Falcon Insurance (AFIC), organized an Investor Meet that was held at the Sheraton Oman Hotel last week. The Meet was attended by top officials’ from the insurance, banking and investment sectors, and was held in connection with the company’s initial public offering (IPO) that will come to a close on 2 April, 2018.

Maroun Kyrillos, Chairman of AFIC addressing the investors said: “I would like to emphasize that AFIC is selling 25% of its share at the same price that it was purchased at; and believe that the price of 105.56 (1.06) times the book value is a very competitive price. It is noteworthy that four of the seven board members of Arabia Falcon are professional insurers and I am confident that their experience and knowledge is sure to make a difference in securing our objective of continuing to be a profitable insurance company that enjoys the trust of all stakeholders.”

The IPO subscription is open to both Omani and non-Omani investors, and juristic persons, who have their accounts with the MCD, as on the date and/or during the subscription period.

Through the IPO - Arabia Falcon Insurance is offering 25.8 mn shares at an offer price of 190 baiza per share (comprising a nominal value of 100 baiza per share, premium of 88 baiza and offer expenses of 2 baiza per share). Arabia Falcon Insurance has appointed Ubhar Capital as the financial advisor and issue manager for the IPO. The IPO represents an offer of 25 percent of the total share capital of the company. AFIC expects to pay a dividend immediately following the IPO in April 2018.

A.R. Srinivasan, Chief Executive Officer commented, “Our IPO has received a great response at the Investor Meet. Being part of Arabia Insurance and Al Anwar Holdings SAOG, AFIC has constantly adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders.”

He elaborated “That’s not all - our IPO is unique, given that it represents the combined strength of a well-established Omani institution and the expertise of one of the oldest Arab insurance companies in the business. This IPO further underlines our compliance with the Royal Decree and Omani insurance regulations, and also offers an attractive investment opportunity to investors in Oman and elsewhere. At present, AFIC has plans to open more branch offices; thus expanding our network all over the Sultanate of Oman.”

Application forms for the IPO are available for collection at all branches of the subscription banks: Bank Sohar, National Bank of Oman and Oman Arab Bank.

Falcon Insurance Company (FIC) was established in 2005 and has been operating as Arabia Falcon Insurance Co. (AFIC) since March 2017. The company is a subsidiary of Arabia Insurance, the oldest Insurance group in the region, and benefits from Arabia Insurance’s regional and local experience; providing top-notch insurance services to the Omani market.

The company’s second biggest shareholder and promoter is Al Anwar Holdings SAOG; and its other shareholders include George Chidiac, Lawrence Investments LLC, ONIC SAOC, and Amin Mohammed Al Shareef. Al Anwar Holdings SAOG is one of the leading financial services company in the Sultanate and has strategic investments in prominent entities like Al Maha Ceramics, Voltamp, Nabil, National Detergents, Al Ruwad School etc.

AFIC’s Board of Directors comprise well-recognized experts in the field of insurance, and the company’s management is made up of highly qualified professionals with an aggregate experience of over 200 years' in local, regional and international insurance markets.

The company provides protection services in general insurance and life insurance, and operates form several branches all over Oman. Having the strong support of a number of well-respected international re-insurers such as Swiss Re, Partner Re and Munich Re, AFIC has been providing quality insurance services to several prominent business groups in Oman.

© Press Release 2018