(MENAFN- Muscat Daily) Takaful Oman Insurance (under formation) has announced the initial public offering (IPO) of one of Oman's first takaful insurance providers. The promoters are offering 40mn shares, each priced at 102bz – with a par value of 100bz and 2bz of issue expense. The IPO, which opened for subscription on October 30, will close on November 28.
Takaful Oman is promoted by ONIC Holding, National Investment Funds Co (Nifco), Oman Investment Corporation (OIC); National Bank of Oman, Blue Door Investment Services LLC, bank muscat, and T'azur Takaful insurance company, one of the top five takaful companies in Kuwait.
Sayyida Rawan Ahmed al Said, managing director and group CEO of ONIC Holding, said, ''Our confidence in Takaful Oman is inspired by two critical factors. One, the collective knowledge and expertise of the promoters group and their commitment to support the operations and management of the company, and two, the deep-rooted culture in Oman that cherishes and celebrates the values of takaful at multiple social levels and has been the subject of exhaustive studies and research by scholars.''
Dr Ahmed al Dehailan, chairman of T'azur Takaful, said, ''Today, all investors in Oman are invited to complement this success, which is a true reflection of the aspiration and vision of GCC leaders and citizens towards more cooperation in investments.''
Sheikh Rashid al Sadi, chief executive of Nifco, and Kalat al Bulooshi, CEO of Oman Investment Corporation, seconded their counterparts and added, ''Venturing into Takaful Oman was a very careful decision considering that takaful insurance is at a nascent stage in Oman. The decision to invest in Takaful Oman was a result of in-depth deliberations and discussions with consultants and experts. The expertise of the promoters added to our confidence in this venture and we are proud to have reached this far and share this success with public investors
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