CMA approves allotment of NLGIC shares

Muscat - 

The Capital Market Authority (CMA) approved the result of the subscription in the initial public offering (IPO) of National Life and General Insurance Company (NLGIC) which subscribed 1.01 times.

The CMA also approved allotment at 100 per cent to the subscribers in the first category for each subscriber and at 99 per cent proportionately for the subscribers in the second category, according to a statement posted on the CMA website.

The market regulator also approved the rejection of the applications that failed to meet the offering terms and conditions.

The RO21.2mn IPO of NLGIC had opened for subscription on October 22 and closed on November 20. The company had offered 66.25mn shares at an offer price of 320bz per share.

According to the CMA statement, subscription banks were directed to refund the surplus funds (if any) to the accounts of subscribers before the end of November 30 and also directed the issue manager to coordinate with Muscat Clearing and Depository Company and the Muscat Securities Market to list the shares for trading as per the prospectus.

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