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Arabia Falcon Insurance opens IPO

UAE Business


Arabia Falcon Insurance (AFIC), part of the region’s oldest insurance group, has announced the opening of its initial public offering (IPO) for public subscription.

The IPO is open for subscription now and will close on April 2, 2018. Through its IPO, Arabia Falcon Insurance is offering 25 million shares at an offer price of 190 baiza per share (comprising a nominal value of 100 baiza per share, premium of 88 baiza and offer expenses of 2 baiza per share), said a statement.

Arabia Falcon Insurance has appointed Ubhar Capital as the financial advisor and issue manager for the IPO. The IPO represents an offer of 25 per cent of the total share capital of the company, it said.

The IPO subscription will be open to both Omani and non-Omani investors, and juristic persons, who have their accounts with the MCD, as on the date and/or during the subscription period, it added.

Shabir M A Al Yousef, deputy chairman, AFIC, said: “Being part of Arabia Insurance and Al Anwar Holdings, our company has adopted global best practices in the sector, enabling the company to build trust and confidence with stakeholders.”

“The launch of our IPO is a very exciting phase for the company, as it opens a new chapter in its rich history in Oman. The IPO offers a unique opportunity for all to be a part of our historical success, and its bright future,” he added.

A R Srinivasan, chief executive officer, said: “We have constantly made positive strides to become one of the leading companies in the insurance sector in Oman.”

“The Arabia Falcon Insurance IPO is distinctive, given it represents the combined strength of a well-established Omani institution and the expertise of one of the oldest Arab insurance companies in the business,” he said.

“The opening of our IPO underlines our compliance with the Royal Decree and Omani insurance regulations, and also offers an attractive investment opportunity to investors in Oman and elsewhere,” he added.

The company expects to pay its first dividend following the IPO in April 2018, said a statement.

Application forms for the IPO are available for collection at all branches of the subscription banks: Bank Sohar, National Bank of Oman and Oman Arab Bank, it said.

Falcon Insurance Company (FIC) was established in 2005 and has been operating as Arabia Falcon Insurance Co. (AFIC) since March 2017. The company is a subsidiary of Arabia Insurance, the oldest Insurance group in the region, and benefits from Arabia Insurance’s regional and local experience; providing top-notch insurance services to the Omani market.

The company’s second biggest shareholder and promoter is Al Anwar Holdings SAOG; and its other promoters include George Chidiac, Lawrence Investments LLC, ONIC SAOC, and Amin Mohammed Al Shareef.

Al Anwar Holdings SAOG is one of the leading financial services company in the sultanate and has strategic investments in prominent entities like Al Maha Ceramics, Voltamp, Nabil, National Detergents, Al Ruwad School, etc. – TradeArabia News Service

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