Arabia Falcon Insurance (AFIC) has announced the launch of its initial public offering (IPO) for public subscription.
The IPO is open to both Omani and non-Omani investors until 2 April 2018.
Through its IPO, AFIC is offering 25 million shares at an offer price of 190 baisa (US$0.49) per share (comprising a nominal value of 100 baisa per share, premium of 88 baisa and offer expenses of 2 baiza per share), said a company statement.
The IPO represents an offer of 25% of the total share capital of the company, it said.
Mr Shabir M A Al Yousef, Deputy Chairman of AFIC, said: “Being part of Arabia Insurance and Al Anwar Holdings, our company has adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders.”
Mr A R Srinivasan, AFIC CEO, said: “Arabia Falcon Insurance’s IPO is distinctive as 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.”
The company expects to pay its first dividend following the IPO in April, said the statement.
Falcon Insurance Company was established in 2005 and has been operating as 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, and its other promoters include George Chidiac, Lawrence Investments, ONIC and Amin Mohammed Al Shareef.
Al Anwar Holdings is a leading financial services company in the Sultanate and has strategic investments in prominent entities like Al Maha Ceramics, Voltamp, Nabil, National Detergents and Al Ruwad School. M