National Life shares listed on Muscat bourse

Muscat: The shares of Oman’s largest insurer National Life and General Insurance Company SAOC (NLGIC) got listed on Wednesday on Muscat Securities Market (MSM).

The listing ceremony took place at 10am with S. Venkatachalam, CEO, NLGIC and Ahmed Saleh Al Mahroon, director general of Muscat Securities Market officiating the bell ceremony.

The company launched its IPO recently which came to a close on November 20, 2017. This event was the biggest in the insurance industry with an initial public offering of 66,250,000, where shares were sold at an offer price of 320 baizas per share.

The company’s growth story and its expertise in medical underwriting, plans to expand towards other countries and has proposed a growth opportunity that has created a very strong demand from both institutional and individual investors to make this IPO a success.
NLGIC’s successful completion of the IPO is a shot in the arm for the MSM too and is a boost to potential investors in the Sultanate.

“Thank You Oman. We are glad for the support received for the IPO and thank each and every investor who has reposed faith in us and made this IPO a success. We assure our investors that we shall continue to work towards bettering our performances in terms of quality as well as numbers and create value for all our stake holders and share holders.” said S.Venkatachalam, CEO, National Life and General Insurance Co.

“This is a very proud and exciting moment for us and I am sure that Oman will be proud and we as a group have a potential growth in the regional market,” he added.