Mubasher: Oman Qatar Insurance Company (OQIC) on Sunday announced the date for launching  its initial public offering (IPO) via the Muscat Securities Market (MSM).

The Qatar Stock Exchange–listed Qatar Insurance Company (QIC) said that the IPO of its subsidiary OQIC will begin on Monday, 18 September.

The IPO will entail 25 million shares in accordance with a royal decree, which stipulates that non-listed national insurance companies shall offer at least 25% of their shares for public trading, OQIC said in an earlier statement.

QIC last reported a 27.4% year-on-year drop in profits to QAR 203.5 million in the second quarter of 2017, from QAR 280.1 million in the year-ago period.