t'azur invests in a new company, Takaful Oman

t'azur Insurance Company is pleased to announce being the largest single shareholder of 15% of Takaful Oman, the first Takaful company in the Sultanate of Oman.

Takaful Oman Insurance raised about OMR23 million (US$60 million) through its month-long initial public offering (IPO) that closed on 2 December, said media reports.

The company's OMR4 million share offers was oversubscribed by 5.5 times - four times in the case of retail segment and seven times by institutional investors. It offered 40 million shares at 102 baisas per share, which included a nominal value of 100 baisas and two baisas as issue expenses.

Those who applied for 100,000 or less shares have been allotted a minimum of 5,000 shares and all applicants for above 5,000 shares were given 7.6% allotment. Also, those who applied for 100,100 shares or more were allotted 15% of the application.

Since Takaful Oman is a new company, its share listing is expected only on 2 January, after it has completed all procedures as per the company law.

Takaful Oman will hold a constitutive general meeting on 31 December to elect board members and will thereafter seek to register the company. It earlier said that the company would start operations immediately after completing all formalities, including a constitutive general meeting.

Takaful Oman is backed by t'azur Insurance Company, which is considered the largest single shareholder of 15% along with Oman National Investment Corporation Holding, National Investment Funds Company, Oman Investment Corporation, National Bank of Oman, Bank Muscat, and Blue Door Investment Services.