Value Driven Approach

Llyod East, Managing Director, Al Ahlia Insurance Company shares details about the company’s upcoming IPO and what makes it a compelling opportunity. An OER report.

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Al Ahlia is working on an IPO in line with regulatory norms. Given the economic and stock market conditions, how confident are you about the prospects of the IPO?

The Board of Directors and current shareholders of Al Ahlia are very positive about the prospects of the IPO. While the listing is a regulatory requirement, we have approached this as an opportunity to share the story of the company and the investment opportunity that it represents, to welcome new shareholders and potentially new customers as well.

Al Ahlia has a rich history in Oman and with the launch of the IPO, the company will be opening a new chapter, and laying the foundation of our future. Amongst the many insurance IPOs that are in the offing, Al Ahlia particularly stands out as a coming-together of a well-established Omani institution, driven by the expertise and strength of a global leader, RSA.

Can you share details of the IPO percentage of shares that will be divested, split between institutions and retail, lead banker, price range, expected dates etc.?

The company will be offering 25 per cent of its share capital to the public through the IPO. Accordingly, Al Ahlia Insurance Co (Under Transformation), intends to offer 25mn shares through the IPO followed by listing on the Muscat Securities Market (MSM).

We cannot comment on the price range at this stage as it is subject to regulatory approvals. However we can confirm that the issue will be split between

institutional and retail investors, and will present opportunities for both categories to invest.

Bank Muscat’s Investment Banking Division is the financial adviser and the sole issue manager for the transaction. The IPO is expected to open soon after Eid, at the earliest opportunity subject to acquiring all necessary regulatory approvals.