Doha-based Qatar Insurance Company Group (QIC) is studying the feasibility of merging with Omani insurer Vision Insurance through its majority owned subsidiary, Oman Qatar Insurance Company (OQIC).
QIC is seeking to expand its presence in the direct insurance market in the Gulf region, it said in a statement lodged with the Qatar Stock Exchange.
OQIC, listed on Muscat Stock Exchange, has been operational in Oman for over a decade and is one of the insurers in Oman engaged in the business of life, medical and general insurance.
Vision Insurance, also listed on Muscat Stock Exchange, is engaged in the business of general and life insurance.
The board of directors of OQIC has advised Oman’s Capital Market Authority, the Muscat Stock Exchange and the investor community that it has resolved to issue a letter to the board of directors of Vision Insurance, inviting them to explore the possibility of a merger between their two companies.
QIC said that it remains supportive of a merger between its subsidiary OQIC and Vision Insurance, subject to approvals from their respective boards, shareholders and stakeholders, satisfactory due diligence, as well as regulatory approvals and the signing of legally binding agreements. M