Doha: The extraordinary general assembly of Oman Qatar Insurance Company (OQIC) a subsidiary of Qatar Insurance Company, approved its merger with Oman’s Vision Insurance Company.
Qatar Insurance Company indicated, in a statement, published today on Qatar Stock Exchange website, that the merger will be by way of consolidation, in accordance with Articles 33/1 and Article 35 of the Omani Commercial Companies Law, pointing to the general approval of the OQIC in meeting on a proposal to increase the authorized capital of the company from 20 million Omani Rials to 30 million, and to amend the article related to its capital.
The statement added that a proposal to increase its issued capital from RO 10 million to a maximum of RO 22 million was also approved.
The extraordinary general assembly authorized the board of directors, or whoever is assigned by it, to complete the procedures and approvals required to implement its decisions.
The Vision Insurance Company provides general and life insurance products, and asset management, and began its operations in May 2008, after the Omani Vision Investment Services Company merged with the Emirati Al Wathba National Insurance Company to establish it, in cooperation with Omani and Emirati groups of companies.
