OQIC, Vision Insurance approve merger

In a filing to the Capital Market Authority (CMA) on Wednesday, publicly-listed Oman Qatar Insurance Company SAOG (OQIC) announced the approval of a proposal to merge with Vision Insurance Company through the consolidation route in accordance with the Companies Law issued by Royal Decree 18/2019.

Announcing the resolutions of an EGM held on December 27, 2022, OQIC CEO Hasan Yaseen al Lawati said the meeting also agreed to increase the capital to RO 30 million, up from RO 20 million.

At the same time, the EGM approved the increase of the company’s issued capital from RO 10 million to a maximum of RO 22 million and to allot the increased shares to Qatar Insurance Company QSPC and Al Hosn Investment Co SAOC at a price of Bz.196 after the completion of the merger procedures and registration of the new capital.

Vision Insurance Company, also a publicly listed firm, had also disclosed that its EGM had approved the proposal to merge with the Oman Qatar Insurance Company on December 26, 2022.