Takaful Oman – Second in the sultanate to float an IPO - IFN

Takaful Oman – Second in the sultanate to float an IPO

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OMAN: Currently undergoing the process of incorporation, Takaful Oman has launched an IPO, becoming one of the sultanate’s first Takaful insurance providers to do so. Offering up to 40 million shares priced at 102 Omani baizas (US$0.26), the IPO opened for subscriptions on the 30th October and is set to close on the 28th November. The firm follows in the footsteps of Al Madina Takaful, which opened its own offer a day earlier on the 29th October. Proceeds from the IPO will be utilized to settle the costs associated with setting up the company; the cost relating to execution of the Company Business Plan including leasing of premises, hiring of staff, acquiring IT systems and all other steps necessary for roll-out; the purchase of equipment and other assets for business operations; and to support the operations of the company until such time as the company’s cash flows are sufficient to meet business and operating expenses. The IPO is being promoted by several companies including ONIC Holding, National Investment Funds Co, Oman Investment Corporation, National Bank of Oman, Blue Door Investment Services, Bank Muscat, and Kuwaiti Takaful operator T'azur Takaful Insurance Company. The company is expected to list on the Muscat Securities Market on the 2nd January 2014. Sayyida Rawan Ahmed Al Said, the managing director and group CEO of ONIC Holding, said: “Our confidence in Takaful Oman is inspired by the collective knowledge and expertise of the promoters group and their commitment to support the operations and management of the company; and 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.”