26-04-2022
Qatar Insurance Group is a leader in Qatar, the Gulf Cooperation Council and the Middle East region. As part of its strategy to expand into the lucrative direct insurance market within the Gulf Cooperation Council countries, it is exploring the possibility of merging the Vision Insurance Company SAOG with the Omani Qatar Insurance Company SAOG, a subsidiary of Qatar Insurance Group.
Oman Qatar Insurance Company, listed on the Muscat Stock Exchange, has been operating in the Sultanate of Oman for more than a decade and is one of the leading insurance companies in the Sultanate of Oman working in the field of life, medical and general insurance.
Vision Insurance Company, listed on the Muscat Stock Exchange, operates in the field of general and life insurance.
The Board of Directors of the Omani Qatar Insurance Company informed the Capital Market Authority, the Muscat Stock Exchange and the investor community that their board of directors had decided to issue a letter to the Board of Directors of the Vision Insurance Company inviting them to explore the possibility of merging the Vision Insurance Company and the Omani Qatar Insurance Company.
Qatar Insurance Group supports the potential merger between its subsidiary Omani Qatar Insurance Company and Vision Insurance Company, given that the process is subject to the approvals of the Board of Directors, shareholders and stakeholders, due diligence examination, as well as the required regulatory approvals and the signing of legally binding agreements.
Qatar Insurance Group is committed to keeping the market informed of developments related to the potential merger through further disclosures.