Al Ahlia Insurance shares to be listed on Thursday
August 16, 2017 | 5:16 PM
by Times News Service
Times file picture

Muscat: Al Ahlia Insurance, which finalised share allotment recently in coordination with the Capital Market Authority (CMA), will list its shares on the Muscat Securities Market on Thursday.

The company has allotted a minimum of 15,000 shares and 35 per cent for all additional share applications in the case of retail investors.

As far as institutional investors (or those who applied for 250,100 shares or more) are concerned, applicants received 24.7 per cent allotment.

The share offer, which was subscribed by around 2.42 times, mopped up OMR18.2 million from a one-month subscription that closed on August 2.

The company offered 25 million shares (which represent 25 per cent of the company’s paid-up capital) at 300 baisas per share.

About 65 per cent of the offered shares were reserved for small investors applying for a minimum of 1,000 shares to a maximum of 250,000 shares, with the remaining 35 per cent reserved for large investors applying for a minimum of 250,100 shares up to a maximum of 2,500,000 shares.

The company, which has a market share of 14.4 per cent, has a well-developed multi-channel distribution network in Oman, which includes 25 branches and strong co-branded relationships in the motor affinity segment.

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