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FINANCIAL NEWS
Al Madina Insurance to offer share in IPO
01 Oct 2013
(MENAFN) Oman’s Al Madina Insurance Company plans to offer 66.7 million shares in an initial public offering (IPO), Times of Oman reported.
This bid comes as the company is trying to alter its status to a Sharia-compliant takaful firm, which requires the company to be publically owned.
Deputy Chairman of Al Madina Insurance said: “We are going to offer 40 per cent of the company’s capital and it is going to be capital increase and not just sale of stake of the promoters. It is going to be a premium issue.”
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