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Oman’s Al Madina Insurance to float IPO by November

Oman-based Al Madina Insurance Co has announced plans to float an initial public offering (IPO) in November, as the firm seeks to change its status to an Islamic takaful company, Times of Oman has reported. "The size of the issue is around OR6.5-7m and it is going to be a premium issue," Abdul Rahman Awadh Barham, CEO of Al Madina Real Estate and a board member of Shaza Muscat Co, told the daily. The promoters of the Omani insurer will divest 40% of their holding in the company in favour of investing public through the IPO, he said.