Takaful Oman has announced the successful completion of its OMR6m ($15.6m) rights issue.
The rights issue of 150m shares was fully subscribed, thereby increasing the company’s capital from to OMR16m from OMR10m, and the total number of issued shares to 250m from 100m, Takaful Oman said in a statement.
The price of each share offered was OMR0.041 (including issue expenses of OMR0.001 per share). The rights subscription period began on 1 June 2022 and closed on 8 June. The additional 150m fully-subscribed shares were listed on the Muscat bourse on 14 June.
Takaful Oman chairman Mohamed Abdulla al Khonji said, “This marks an important milestone for Takaful Oman which is still a relatively young player in the Omani insurance and takaful sector. The rights issue is in line with Takaful Oman’s long-term growth strategy and will meet the company’s solvency requirements. Through the proceeds of its rights issue, the company also seeks to impact the Islamic insurance industry positively, aid in wealth creation and drive sustainable economic growth.”
Takaful Oman will use the new capital to strengthen its operations, improve its solvency, develop innovative and embedded products and focus on the evolving needs of its growing customer base of 200,000.
Takaful Oman, established as a public joint-stock company in Oman in 2014, is one of two takaful companies operating in the sultanate. M