Oman Qatar Insurance allots shares

Business Monday 16/October/2017 15:36 PM
By: Times News Service
Oman Qatar Insurance allots shares

Muscat: Oman’s stock market watchdog Capital Market Authority has approved the allocation of Oman Qatar Insurance Company in accordance with an allocation policy. The shares are allocated to the small investors category at 100 per cent, while the second category of major investors are allocated 63.224 per cent on pro-rata basis.
The total volume of shares was over 1.36 times, with a total volume of 34 million shares, representing OMR5.4 million, with 25 million shares being offered.
The Capital Market Authority (CMA) studied the situation related to the allocation of shares, taking into consideration the allocation of small subscriptions to provide investment opportunities in the Muscat Securities Market for a new segment of investors. And this will of course expand the rule of participation in the financial markets and trading in shares by increasing the number of investors in the market.
Capital Market Authority (CMA) confirmed to the Issuing Manager of Oman Qatar Insurance Company, to direct the subscription banks to return the excess amounts for the accepted subscription applications and the value of the rejected subscriptions to the subscribers’ accounts before October 16, 2017. The listing will be in line with the prospectus.
Capital Market Authority approved the prospectus issued on October 12, 2017, stating that the issue price is 25 million shares at a price of160 baisa per share. The public subscription period was between September 6 and October5, 2017.