Oman Qatar Insurance Company’s (OQIC) shares closed at 160 baisas on listing on the Muscat Securities Market (MSM).
The company offered shares on the Muscat bourse at the same price in one-month subscription.
A total of 1.06 million shares were traded on the bourse on the first day of listing, generating a turnover of OMR168,843. The trading witnessed a high of 164 baias, while it closed at 160 baisas.
The company’s OMR4 million-share offer was subscribed to the tune of 1.36 times, with a total demand for 34 million shares (against an offer of 25 million shares). The one-month subscription was open between September 6 and October 5.
Oman Qatar Insurance Company was the third national insurance company that listed its shares on the Muscat bourse this year, after Al Ahlia Insurance and Vision Insurance. This follows a new regulation stipulating national insurance companies to raise capital to OMR10 million and list shares on the local bourse.
The new listings will mark a new chapter in the Omani insurance sector, as local companies will be able to withstand competition by strengthening their financial, technical and human resources.