Al Ahlia Insurance Company of Oman said it had received an offer from National Life & General Insurance Company (NLGIC) to acquire 47.5% of its issued share capital.
In a regulatory filing Monday, the Muscat-listed company, which is a subsidiary of RSA Middle East, said it was not seeking any competing offers from anyone else.
Following the acquisition of the stake, Al Ahlia will be transformed into a joint-stock company and delisted from the stock exchange and both companies may undergo restructuring, Al Ahlia said.
NLGIC is a subsidiary of Oman International Development and Investment Company (Ominvest) and is listed on the Muscat Stock Exchange.
In July 2021, NLGIC announced its intention to buy the minority shares of Al Ahlia after having acquired 100% of RSA Middle East. As part of the transaction, NLGIC purchased a 50% stake in RSA Middle East from Sun Alliance Insurance Overseas LTD (SAIO), a wholly owned entity of Royal Sun Alliance Insurance Limited.
It also swapped the remaining shares of RSA Middle East, held by Saudi shareholders, with the newly issued shares of NLGIC, making the Saudi shareholders collectively the second largest shareholder of NLGIC after OMINVEST.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)