Vision Insurance shares fall on listing

Business Wednesday 23/August/2017 17:32 PM
By: Times News Service
Vision Insurance shares fall on listing

Muscat: Vision Insurance, which was listed on the Muscat bourse on Wednesday, lost 6.79 per cent to close at 151 baisas on maiden trading against an offer price of 162 baisas per share.
Traded volume stood at 403,800 shares on the bourse, generating a turnover of OMR61,070. Shares on the Muscat Securities Market (MSM) also lost ground, with the MSM 30 Index shedding 17 points to close at 4,955.27 points.
The company floated its shares in line with the Capital Market Authority’s (CMA’s) stipulation that national insurance firms should float shares on the Muscat bourse before August, 2017.
The company had allotted 100 per cent to all applicants in two different categories—small investors and large or institutional investors. Those who applied for 100,000 shares or more are considered large investors.
Vision Insurance was the second insurance firm in Oman that floated the share offer, while three more issues from insurance firms are expected soon.