Dentons advises Muscat Insurance Company & BankDhofar

Dentons has advised Muscat Securities Market listed parent company Muscat Insurance Company SAOG (MIC) (formerly Muscat National Holding Company SAOG) on the three-way merger of its subsidiaries, Muscat Life Assurance Company SAOC and Muscat Insurance Company SAOC, into MIC.The merger was implemented in order to ensure compliance with recent amendments to the Insurance Companies Law of Oman. The amendments to the law require all Omani insurance companies to increase their capital to OMR10 million and list their shares on the Muscat Securities Market. Commenting on the transaction, Dentons’ managing partner and head of corporate in Muscat, Nick Simpson, said, “It was a pleasure advising MIC on this complex transaction so as to enable the group’s timely compliance with Omani regulatory requirements.” Nick Simpson led the team working on the transaction, with assistance from senior associate Darshi Sanganee and associate Riaz Haq.

Dentons also advised BankDhofar SAOG (BankDhofar) on its recent fully subscribed rights issue of OMR40 million (circa USD104 million).  The transaction follows BankDhofar’s fully subscribed rights issue in 2016, which Dentons also advised on.

Dentons managing partner and head of corporate in Muscat, Nick Simpson, led the team, working with assistance from partner Dali Al Habboub, senior associate Darshi Sanganee, associate Fatma Al Rashdi and paralegal Raiyan Al Toky.