CMA approves subscription results of National Life and General Insurance Company

29 November 2017

News

 

The Capital Market Authority has approved the result of subscription in the shares offered by Nation Life and General Insurance Company SAOG (under transformation)at 66,8178,300 shares at 1.01 coverage. CMA also approved allotment at 100% to the  subscribers in the first category for  each subscriber and at 99% proportionately for the subscribers in the second category and rejection of the applications that failed to meet the offering terms and conditions.

 

Subscription banks were directed to refund the surplus funds (if any) to the accounts of subscribers before the end of Thursday 30 November 2017 and also directed the issue manager  to coordinate with Muscat Clearing and Depository Company and MSM to list the shares for trading as per the prospectus.

 

The company has offered its shares to the public in compliance with Royal Decree No. 39/2014  which amended the Insurance Companies Law requiring the national insurance companies to transform into public joint stock companies in three years from the date of the publication of the Decree in the Official Gazette and increased the minimum capital of insurance companies to RO 10 million.


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