Times of Oman | News :: Oman’s Al Madina Insurance to offer 66.7m shares in IPO

Times of Oman | News :: Oman’s Al Madina Insurance to offer 66.7m shares in IPO:

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The company has already submitted a draft prospectus with the Capital Market Authority and a final prospectus will be submitted soon. Photo - A.R. Rajkumar/Times of Oman

Al Madina Insurance Company will offer 66.7 million shares in an initial public offering soon in an attempt to change its status to a Sharia-compliant takaful firm. As per the draft takaful regulation, insurance companies have to be public firms to function as takaful companies.

The company has already submitted a draft prospectus with the Capital Market Authority (CMA) and a final prospectus will be submitted soon.

The face value of the share will be 100 baisas. The company, which has a paid up capital of OMR10 million, will increase it to OMR16.67 million through the share offer. "

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