Muscat: Takaful Oman Insurance's share listing, which was originally scheduled for Thursday, has been postponed, as the insurance company could not complete certain listing procedures on time.
The company will announce the listing date later, according to a disclosure statement posted on MSM website. The Commercial Companies Law requires the board to register the company within one month from the date of constitutive general meeting. The constitutive meeting did not had the required quorum.
Takaful Oman Insurance has offered 40 million shares at 102 baisas per share, which included a nominal value of 100 baisas and two baisas as issue expenses.
The company's OMR4 million share offer was oversubscribed to the tune of five-and-a-half times — four times in the case of retail segment and seven times by institutional investors. Those who applied for 100,000 or less have been allotted a minimum of 5,000 shares and for all applications above 5,000 shares were given 7.6 per cent allotment. Also, those who applied for 100,100 shares or more were allotted 15 per cent of the application.