Qatar Insurance Company has said its subsidiary Oman Qatar Insurance has entered into a binding merger agreement with Vision Insurance (VISN).
In a communique to the Qatar Stock Exchange yesterday, QIC said pursuant to the merger agreement, Oman Qatar Insurance (company) and VISN will merge, and all the assets and liabilities of VISN will be transferred to the company.
On completion of the merger, VISN will de-list from the MSX (Muscat Stock Exchange) and cease to exist as a legal entity and its shares will be cancelled.
The merger is still subject to approval from the relevant regulatory bodies, as well as from the respective shareholders of the two entities.
Oman Qatar Insurance and VISN will invite each of their shareholders respectively to consider and, if thought fit, approve the merger at an extraordinary general meeting in due course.
As per the prospectus posted on the MSX, the shareholders of VISN will be offered a choice of cash consideration or new shares in the company in return for their shares.
