July 06, 2017
Muscat - Vision Insurance SAOG (under transformation) announced to launch its initial public offering (IPO) to raise nearly RO4mn from the primary market in Oman.
The company is offering 25mn shares at a price of 162bz per share, according to Vision Insurance’s IPO prospects submitted to the Capital Market Authority (CMA).
The offer price comprises a nominal value of 100bz for each share, share premium of 60bz and offer expenses of 2bz per share. The IPO will be opened for public subscription from Sunday until August 7.
Ahlibank has been appointed as the issue manager for the IPO and subscription banks are ahlibank, Oman Arab Bank (OAB), National Bank of Oman (NBO) and Bank Sohar.
The number of offer shares (25mn shares) constitutes 25 per cent of the share capital of the company. Vision Insurance’s issued and paid-up share capital is RO10mn, divided into 100mn shares with a nominal value of 100bz per share. The company’s authorised share capital stood at RO15mn divided into 150mn shares with a nominal value of 100bz per share.
A number of insurance companies in Oman are set to launch their IPOs this year to comply with the provisions of Royal Decree 39/2014 which requires insurers to change their legal status to public joint stock companies no later than August 2017. Vision Insurance in its IPO prospects said the offer is a divestment of a proportion of the shares currently held by the selling shareholders and the proceeds from the IPO (including the premium) will accrue to the selling shareholders.
The subscription will be open to Omani and non-Omani individuals and juristic persons having an investor account with the Muscat Clearing & Depository Co (MCD).
The year 2017 marks the 10th anniversary of Vision Insurance since incorporation of the company in 2007.
Al Ahlia Insurance Co also this week launched its IPO of 25mn shares at an offer price of 300bz per share. The offer, which opened for public subscription on Tuesday, will be closing on August 2.
© Muscat Daily 2017