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FINANCIAL NEWS
Oman’s Falcon Insurance to raise USD25.88m paid-up capital
21 Jun 2015
(MENAFN) Falcon Insurance, a subordinate of Al Anwar Holding, is set to raise a paid-up capital of about USD25.88 million to conform to the stipulation of Capital Market Authority (CMA), the insurance regulator, Times of Oman reported.
In order to cope with the conditions of the CMA, Falcon is presently seeking to float an initial public offer on the Muscat Securities Market (MSM). This move comes after the CMA request back in 2014 that all national insurance firms have to go public within three years.
The flotation is subject to approval by regulators and shareholders, Al Anwar Holding , which has a 51 per cent stake in Falcon, said in the statement.
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