| |
Oman
National Investment Corporation Holding SAOG
PO Box 1949
Jibroo
Postal Code 114
Sultanate of Oman
Tel: +968 - 24762000 Board DIR 24762002-24760020
Fax: +968 - 24791357 / 24790545
contactus@onicorp.com.om |
|
|
|
|
May 16, 2010
First Quarter results for the period ended 31 March 2010
The Board of Directors at the meeting held on 13th May 2010 has approved the first Quarter ended 31 March 2010 Financial Statements. The Statutory Auditors have conducted a limited review on the financial statements which have been uploaded in the MSM Website.
ONIC Holding SAOG
March 16, 2010
Financials for the 9 months period ended 31 December 2009
Agenda Notice for the forthcoming AGM
March 16, 2010
Financials for the 9 month period ended 31 march 2009
.zip)
Audited Financials
February 15, 2010
Ordinary Genearl Meeting March 1,2010
Invitation to attend Ordinary General Meeting
February 14, 2010
ONIC Holding sells Al Ahlia Insurance Company SAOC to RSA Middle East
Sale of ONICH's subsidiary Al Ahlia Insurance
November 09, 2009
Flash results For the quarter ended 30th september 2009
November 09, 2009
Consolidated
Sep. 2009 Sep 2008
Net underwriting results
3,171
3,089
Investment income (net) 4,337 (3,633)
Share of Associates income and Other Income 1,368 1,126
General and administrative expenses (2,352) (2,335)
Finance costs (720) (618)
Profit / (Loss) before income tax & minority 5,803 (2,370)
Net Profit 5,746 (2,827)
June 18, 2009
ONIC Holding Shareholders approve the Financials for the year ended 31 March 2009 in the AGM held on 17.06.2009
Important decisions taken in the EGM and AGM held on 17 June 2009 by Shareholders of Oman National Investment Corporation Holding SAOG (ONICH) and chaired by Mr. Salam Al Shaksy – Chairman
First: Extra Ordinary General Meeting (EGM)
Approved the Board's proposal to change the financial year to be
(1 January – 31 December) instead of (1 April – 31 March) and amend the article no. (76) Of the company's articles of association accordingly.
Second: Annual Ordinary General Meeting (AGM)
1. Approved the Board of Directors report for the financial year ended 31 March, 2009.
2. Approved the Corporate Governance Report for the financial year ended 31 March 2009.
3. Approved Auditors Report, Balance sheet and profit and loss accounts for the financial year ended 31 March 2009.
4. Approved the sitting fees paid for the Board of Directors and it’s committees during the financial year ended 31 March 2009 and fixed and approved sitting fees for the financial year ending 31 Dec 2009.
5. Approved all related parties’ transactions for the financial year ended 31 March 2009.
6. Elected Mr. J.C Goh as an independent non executive board member.
7. Appointed Deloitte & Touch as Auditors for the financial year ending December 31, 2009 for a fee of R.O 7,000/-
June 18, 2009
Appointment of a New Director in the AGM Held on 17th June 2009
ONIC Holding shareholders approved the appointment of Mr. J.C Goh as an independent non executive board member to the ONICH Board.
Mr. JC Goh is a Far Eastern Scholar, Pritzker Scholar and Alexander White Scholar at the University of Chicago where he obtained his Bachelors of Arts with Honors and Masters of Arts in International Finance. He joined Dubai Group in 2008 and is the group's Chief Investment Officer. He comes with a rich and varied background that spans 25 years in several major avenues and prior to joining Dubai Group he was the Director of Treasury in Guangdong Development Bank, China, managing a US$64 bio book.
During his career, Mr. JC Goh has been professionally associated with several leading regional and international institutions including the Saudi American Bank and Samba Group in Riyadh, Citibank, Chase Manhattan Bank and The Monetary Authority of Singapore
June 03, 2009
Annual General Meeting
ONIC announces Agenda for the AGM
November 16, 2008
Appointment of New Group CEO
The Company Board of Directors is pleased to announce the appointment of Al Sayyida Rawan Ahmed Al Said as the Group Chief Executive Officer effective 15th November 2008.
Before joining ONIC Holding, she held the position of Deputy CEO (investments) at State General Reserve Fund(SGRF). She brings in extensive experience in the investment field and also holds Board membership in various Companies in Oman.
November 16, 2008
Resignation from the Board
Al Sayyida Rawan Ahmed Al Said has submitted her resignation from the board of directors & the audit committee of ONIC Holding. This has been accepted by the board of directors.
The board appreciated and thanked Al Sayyida Rawan for her valuable contribution as a member of the board.
Sepetember 07, 2008
Resignation of ONIC Holding Group CEO
Mr Akbar Ali Habib Group CEO of ONIC Holding, has submitted his resignation to the Board of Directors in the meeting held 6th of September 2008 due to personal reasons and to pursue other avenues.
The Board has accepted the resignation and acknowledges his achievements and valuable contribution as a CEO and also as a Steering Committee member.
The Board also thanks him for all his efforts and wish him success in his future endeavors.
May 22, 2008
Financial Results for the Year ended March 31, 2008
ONIC Holding Board approved the consolidated audited financial statements for the year ended March 31, 2008 at its meeting held on 21 May 2008. The salient features of the results are as follows:
RO in Millions
31.03.2008 31.3.2007
Net Underwriting Income 2 6.6
Income from Associate Companies & Other Income 3.8 3.3
Investment Income 29.7 6.6
Total Income 35.5 16.5
Profit Before Tax and Minority Interests 27.2 11.5
Net Profit after Tax and Minority Interest 26.8 10.6
Earnings Per Share (RO) 2.215 0.880
Net Asset Value Per Share (RO) 6.97 4.699
Dividend
The Board of Directors has recommended cash dividend of 25% and stock dividend of 30% for the year ended 31 March 2008.
May 18, 2008
ONIC Holding announces US Dollar 35m strategic investment in an Aircraft Leasing Firm
ONIC Holding has made a strategic investment in Sama Holding Company (SHC) for US dollars 35 million representing about 25% stake in its capital. SHC set up in 2007 by prominent regional institution has acquired related businesses which are operational for over two years. The company’s business is in the high growth Aircraft leasing business and is being managed by a team of professionals with global expertise in the aviation industry.
This is another milestone in ONICH’s ambitions and vision to become a premier investment holding company. ONIC Holding Group CEO Akbar Habib said “This investment complements the company’s long term strategy with synergies to ONICH’s business model”. He added “we are pleased to have been identified as a strategic partner with a group of renowned regional and international institutions led by highly professional and experienced team”.
Commenting on ONICH’s investment Sheikh. Nasser Al-Sabah, Managing Director for Sama Holding, “In ONICH we gained a long-term strategic investor with a very strong track record in financial services. We look forward to the added value ONICH will bring to Sama Holding from its successful experience
April 02, 2008
ONIC HOLDING’S ASSOCIATE COMPANY - INTERNATIONAL GENERAL INSURANCE CO. LTD., GETS A RATING
We are pleased to announce that on the 28th March 2008 A.M. Best Company assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-“ to International General Insurance Company Limited (IGI) (Bermuda). A.M Best has also assigned an issuer credit rating of “bbb-“ to International General Insurance Holdings Limited (IGIH). The A.M. Best press release evidencing this can be found on their website (http://www.ambest.com) and we attach a scanned copy for good order. Please also find attached a copy of A.M. Best’s “Public Financial Strength Rating Rationale”.
Commenting on the above Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer said “I am very pleased with this news and would like to thank everyone at IGI for the part that they played in this achievement. At IGI we are committed to offering the highest possible levels of service, professionalism and expertise to our stakeholders and look forward to maintaining and improving this rating in the years to come”.
About IGI
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre with wholly owned subsidiary Companies in Bermuda and Jordan.
IGI is domiciled in Bermuda and is regulated by the Bermuda Monetary Authority. IGI Jordan now acts as an underwriting agency on behalf of IGI.
February 13, 2008
ONIC Holding stock Split
The Board of Directors of Oman National Investment Corporation Holding SAOG have in their board meeting resolved to recommend a stock split which would reduce the face value of the Company shares to 100 Baiza per share from the present One Rial. This will be subject to approval by the shareholders and the regulatory authorities, each shareholder will have 10 times the number of shares held at present, but with each share having a face value of 100 Baiza.
This recommendation will be presented for shareholder approval at the forthcoming Annual and Extraordinary General Meetings.
October 25, 2007
Financial Results for the 2nd Quarter ended September 30, 2007
The salient features of the results are:
Amounts in RO 000’s s
September 2007 September 2006
Gross premiums written 14,250 13,070
Net Insurance premium revenue 6,896 5,397
Investment Income 14,193 1,943
Net Underwriting results 675 2,759
Share of results of associated
Companies and other income 860 1,599
Total Operating Income 15,728 6,301
Profit before tax and minority
Interests 12,649 4,622
NET PROFIT 12,547 4,357
Earnings per share 1.037 0.360
Net Asset Value per share 5.601 4.251
August 09, 2007
Oman National Investment Corporation Holding (ONICH) posts a net profit of RO 7.5 million for the first quarter of 2007.
Oman National Investment Corporation Holding (ONICH) reported a net profit of RO 7.5 million for the 1st Quarter ended 30th June, 2007 compared to a net loss of RO 913K in the same period in 2006
Salient features of the results being as follows:
...............................................................................June 2007........June 2006
Investment Income.......................................................7,800.............(3,077)
Net Underwriting results....................................................952..............2,068
Share of results of associated companiesand other income...880..............1,060
Total Operating Income...................................................9,632...................51
Profit before tax and minority interests.............................7,829...............(719)
NET PROFIT...................................................................7,573...............(913)
Earnings per share.........................................................0.626.............(0.076)
Net Asset Value per share...............................................5.123...............3.854
July 02, 2007
ONIC Holding Group Contributes towards Gonu relief
The Board of Directors of ONIC Holding SAOG and its subsidiaries National Life and General Insurance SAOC and Al Ahlia Insurance SAOC have resolved and approved a total donation of RO.250,000/- (Rial Omani Two hundred fifty thousand only) for Gonu cyclone relief work.
To effectively participate in this great humanitarian cause the said donation shall be made in cash and kind. The group has already made certain donations in kind and shall continue with its effort to reach the most needy through organizing camps by providing medical facilities, cleaners, car repairs and towing facilities, supporting in cleaning houses and then refurbishment with basic requirements to make houses functional and bring the required comfort and joy to the affected families. In addition to the above the same will also be utilized to serve customers whose vehicles are insured within our group, but do not have an STF cover.
Further, in line with the circular No. C/9/2007 issued by the CMA, the abovementioned amount shall be ratified at the next Annual General Meeting
June 17, 2007
Disclosure by Alliance Housing Bank ('AHB') on Bahraini Bank (Ahli United Bank BSC ‘AUB’) offer to buy 35% stake in AHB
The Board of Directors of Alliance Housing Bank SAOG ("AHB") is pleased to announce that on [15] June 2007 AHB signed a Memorandum of Understanding ("MOU") with Ahli United Bank of the Kingdom of Bahrain ("AUB") pursuant to which the Board agreed in principle to recommend to AHB's shareholders AUB's offer to fully subscribe in the increase shares amounting to 113,076,923 ordinary shares at a price of RO 0450 per share for a total consideration of RO 50,884,616.
This will result in AUB having a 35% interest in AHB's increased share capital.
The MOU was signed on the recommendation of AHB's financial advisers, EFG-Hermes, after offers from various banks had been considered and evaluated and, on the basis of this recommendation, the Board decided that AUB's offer should be accepted in the best interests of shareholders.
AUB will also provide management and technical services to AHB to assist AHB in its growth plans and conversion to a comprehensive commercial bank.
The offer is subject to due diligence and the approval of AHB's shareholders and the relevant regulators in Oman and Bahrain.
The Board of Directors will take all necessary procedures in this regard in accordance with the applicable laws and regulations in place.
Khalid bin Hamed bin Hamoud Al Busaidi
Chairman
June 14, 2007
Sub: Disclosure on the damages caused by Cyclone Gonu
This is in reference to the CMA circular dated June 10, 2007 on the above subject.
In view of the substantial damages caused by cyclone (Gonu) mainly to properties, infrastructure, vehicles, etc, Al Ahlia Insurance Company, our insurance subsidiary that operates significantly in the general insurance business is in the process of receiving claim intimations and expects a preliminary assessment of the claims in about a week.
However, the gross claim on the industry in general and Al Ahlia Insurance is expected to be substantial. In line with the prudent policies of Al Ahlia Insurance, the company has adequate existing reinsurance programs covering such calamities, supported by leading Reinsurance Securities.
The net impact on Al Ahlia Insurance on account of all claims attributable to the Cyclone is not expected to be material
June 14, 2007
Important decisions taken in the AGM of Oman National Investment Corporation Holding SAOG (ONICH) for year ended 31 March 2007
Important decisions taken in the AGM held on 12 June 2007 by Shareholders of Oman National Investment Corporation Holding SAOG (ONICH).
1.Approved the Board of Directors’ Report for the financial year ended 31 March 2007.
2.Approved the Corporate Governance Report for the financial year ended 31 March 2007.
3.Approved the Auditors Report, Balance Sheet and Profit and Loss Account for the financial year ended 31 March 2007.
4.Approved the proposal for distribution of cash dividend at 20% of the capital (Baiza 200 per share).
5.Approved Directors’ remuneration amounting to RO 190,200 for the financial year ended 31 March 2007.
6.Approved the sitting fees paid to Directors for the Board Meetings and other Committees Meetings for the year ended 31 March 2007, and Approved the sitting fees to be paid to Directors for the Board Meetings and other Committees Meetings for the year ending in 31 March 2008.
7.Approved the transactions with the related parties during the proposed financial year ended 31 March 2007.
8.Election of New Board of Directors as following:
Srno Name
1 Mr. Salaam Said Salim Al Shaksy
2 Al Sayyida Rawan Ahmed Al Said
3 Sheikh Khalid Hilal Al Maawaly
4 Sayyid Aymen Hamed Hamood Al Busaidy
5 Mr. Sayanta Basu
6 Mr. Fareed Lutfi
7 Mr. Humayun Murad
9.Approved the continuation of Ernst &Young as the company’s Auditors for the year ending 31 March 2008 for a fee of RO 7,500.
May 29, 2007
Invitation to attend Annual Ordinary General Meeting
The Chairman and the members of the Board of Directors of Oman National Investment Corporation Holding SAOG take pleasure in inviting all its Shareholders to the Annual Ordinary General Meeting to be held on Tuesday 12 June 2007 at Oman Chamber of Commerce & Industry – Exhibition Hall (Ground Floor) at 5.00 P.M. to consider and decide on the following agenda.
1. To consider and approve Board of Directors report for the financial year ended 31 March, 2007.
2. To consider and approve the Corporate Governance Report for the financial year ended 31 March 2007.
3. To consider the Auditors Report and approve the balance sheet and profit and loss accounts for the financial year ended 31 March 2007.
4. To consider and approve the proposed cash dividend of (20%) of share capital to the shareholders (200 Baizas per share) for the financial year ended 31 March 2007.
5. To consider and approve the proposed directors remuneration of RO 190,200 for the financial year ended 31 March 2007.
6. To Consider and approve the sitting fees for the Board of Directors and it’s committees meeting for the financial year ended 31 March 2007 and fix sitting fees for the financial year 2008.
7. To ratify all related parties’ transactions for the financial year ended 31 March 2007 (As per note No 26 of the financial statements).
8. To elect new Board of Directors for the company. Any person who wishes to nominate herself/himself to the Board of Directors should be fill in a form that can be obtained from the company. The completed form should be delivered to the company 10 days prior to AGM date and, in no event, later than close of business hours on Saturday 02 June 2007. Any forms received after that date shall not be considered by the company.
9. To appoint Auditors for the financial year ended March 31, 2008 and fix their fees.
According to the Articles of Association, the Shareholders shall have the right to nominate a proxy to attend and vote on their behalf on decisions/resolutions of the meeting. Shareholders are requested to come at least half an hour before meeting time.
For further information please contact Mr. Zaid Humaid Al Ismaili or
Mr. Ali Abdul Majeed Al Lawati at 24791324 / 24791327.
Unclaimed cash dividends for prior years, have been deposited by the company with Investors’ Trust Fund – Capital Market Authority, after six months from the date of approval of distribution of such cash dividends. Beneficiary shareholders should contact Muscat Depositary & Securities Registration Co. SAOC for collection of unclaimed cash dividends.
Khalid Hamad Hamoud Al Busaidi
Chairman
May 24, 2007
INTERNATIONAL GENERAL INSURANCE HOLDINGS L IMITED ANNOUNCES YEAR ENDING 31 ST MARCH 2007 RESULTS
Amman, Jordan, 22nd May, 2007
International General Insurance Holdings Limited (IGIH) today reported results
for the year ended 31st March, 2007; the Company’s fifth year of operations.
Gross premium income generated for the 2006 fiscal year increased by 55% to approximately US$ 89 million. Net earned premium increased by 151% to US$ 45 million for the same period. Loss reserves and operating expenses have both developed in line with the Company’s expectations leading to a combined ratio of 81% compared to the forecast of 90%
The Company closed the financial year with net earnings of US$ 14.8 million registering a 94% growth over the previous year. IGIH has produced net earnings in excess of the projected forecast for four out of the five operating years with a net profit for all years.
As of March 31, 2007, total assets were in excess of US$ 293 million, an increase from the previous reporting period of 20%. Shareholders’ equity increased to US $ 154 million.
Mr Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, commenting on the performance of the Company for the 2006 year, said “For the fifth consecutive year, we have once again produced an outstanding net profit for the Company adding value to both shareholders and stakeholders alike. The Company continues to expand from its modest incorporation in 2002 and we are clearly on target for achieving the ambitious plans envisaged at the outset.”
About IGIH
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with a wholly owned subsidiary company based in Amman, Jordan (IGI).
IGI underwrites worldwide facultative direct and reinsurance business with a geographical focus on the Middle Eastern, Far Eastern and African markets. Its core business is energy, marine and commercial/industrial property.
IGIH capital and surplus is in excess of US$ 154 million as at 31st March 2007, whilst total assets stand in excess of US$ 293 million.
For further information please visit the IGI website at www.iginsure.com
April 02, 2007
Shuaa Capital to sell off its 35 per cent stake in Onic Holding to Dubai Financial
MUSCAT — Shuaa Capital, one of the leading investment banking institutions in the Middle East yesterday announced that it has entered into a binding agreement with Dubai Financial LLC, the investment arm of Dubai Holding, one of the leading financial conglomerates in the world, to sell its 35 per cent stake in Onic Holding (Onich) to the latter.
The deal involving Dhs52.5 million, signed on Friday, is subject to the approval of the Capital Market Authority (CMA).
“Our objective is to develop an internationally reputable, world-class holding corporation. The potential deal shows Dubai Holding’s confidence in Oman, and of course, Onic Holding. This will create synergies and economic value for the shareholders of both the companies,” Onich CEO Akbar Habib told Times Business.
“Indeed, we are excited with this new opportunity. Through this partnership, we believe, Onic Holding will scale new heights in its endeavours to emerge as a regional conglomerate,” Akbar added.
Onich is Oman’s premier diversified investment holding company, listed on the Muscat Securities Market, with strategic investments in insurance, leasing and housing finance.
George Shehadesh, managing director and head of corporate investments at Shuaa Capital said: “This has been a great investment for Shuaa since its acquisition in 2004. The investment has been very profitable over the past three years in terms of income and capital gains, reflecting the solid fundamentals of Onich’s underlying business and its capable management team.
“The decision to sell our 35 per cent stake in Onich is consistent with our strategy to concentrate in 2007 on our core asset management, investment banking and brokerage activities into regional markets, especially in Saudi Arabia and Qatar. This will be achieved through strategic acquisitions and organic expansion of our business activities.”
According to Dubai Financial CEO Sayanta Basu, the investment by Dubai Financial into Onich is a vote of confidence in the leading financial and insurance company in Oman. Dubai Financial will be able to build synergies with Onich through its vast portfolio of regional and international investments in the financial sector.
Shuaa Capital has embarked on an active acquisition drive this year, and has already made selective prime investments in the financial sector across the region.
It had acquired a 90 per cent stake in Emirates Securities and increased stake in Amwal Qatar to 46 per cent.
April 02, 2007
FrontierAlt, Associate of ONIC Holding, files preliminary prospectus for Global Wealth Management Fund
PRESS RELEASE
FRONTIERALT INVESTMENT MANAGEMENT CORPORATION
42 Wellington Street East, 4th Floor
Toronto, Ontario M5E 1C7
Global Wealth Management Fund Files Preliminary Prospectus
April 2, 2007: frontierAlt Investment Management Corporation (“frontierAlt”), the manager of Global Wealth Management Fund (the “Fund”), is pleased to announce that it has filed and has received a receipt from the securities regulators of all the Canadian provinces and territories for the preliminary prospectus dated March 28, 2007 relating to the initial public offering of units (the “Units”) of the Fund.
The Fund has been created to provide investors with exposure to an actively managed, global, diversified portfolio of publicly traded issuers involved in the wealth management business (the “Global Wealth Managers”). Global Wealth Managers include those issuers engaged in the mutual fund, brokerage, private banking and insurance businesses; issuers engaged in alternative asset management, including the management of private equity, infrastructure and hedge funds; as well as issuers whose business is related to the provision of services to the foregoing, such as securities exchanges and custodians.
MFC Global Investment Management (Canada), a division of Elliott & Page Limited, a Manulife Company (“MFC Global”), will act as the investment advisor to the Fund and will actively manage the portfolio on behalf of the Fund. The net proceeds of the offering will be invested in a portfolio comprised primarily of common shares and other equity securities (“Equity Securities”) of Global Wealth Managers selected by MFC Global. MFC Global expects that the resulting portfolio will be comprised of the Equity Securities of approximately 40-60 Global Wealth Managers diversified by geography.
The Fund’s investment objectives are (a) to provide holders of Units with quarterly cash distributions, initially targeted to yield 6% per annum, based on the issue price of $10.00 per Unit; and (b) to preserve and enhance net asset value.
The syndicate of agents for this offering is being co-led by CIBC World Markets and RBC Capital Markets, and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Richardson Partners Financial Limited, Wellington West Capital Inc., Berkshire Securities Inc. and Desjardins Securities Inc.
Based in Toronto, frontierAlt specializes in the manufacturing and distribution of structured products, flow-through limited partnerships and mutual funds.
MFC Global, one of North America’s largest and most experienced asset managers, and its affiliates provide investment advisory and portfolio management services to institutional clients and investment funds and, as of December 31, 2006, had over $240 billion in assets under management.
For further information:
Asif Khan, Chairman & CEO, frontierAlt Investment Management Corporation
Tel: (416) 623-3161
Fax: (416) 360-6202
e-mail: akhan@frontieralt.com
Kurankye Sekyi-Otu, Executive Vice-President, frontierAlt Investment Management Corporation
Tel: (416) 623-3171
Fax: (416) 360-6202
e-mail: ksekyiotu@frontieralt.com; www.frontieralt.com
A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of a distribution to the public. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory.
This press release is not for dissemination in the United States or for distribution to U.S. news wire services.
March 04, 2007
ONIC Holding acquires 20% stake in FrontierAlt
ONIC Holding has made a strategic acquisition of 20% of the capital of FrontierAlt Investment Management Corp. (‘FrontierAlt’). We believe that this is another milestone in company’s ambitions and vision to become a global financial services conglomerate. ONIC Holding Group CEO said “This acquisition creates good synergy with our business in providing geographical diversification and is an upward progression in the value chain”.
FronteirAlt Chairman & CEO said “This strategic partnership between FrontierAlt and ONIC Holding will facilitate FrontierAlt’s vision of becoming a global financial institution”.
FrontierAlt Investment Management Corp. is a vertically integrated financial services company in Canada. The company offers a choice of opportunities in mutual funds, structured products, alternative investments and other specialty investment solutions. Some of the lines of business of FrontierAlt are:
ط Asset Management:
· FrontierAlt Funds Management (All Terrain Funds)
· FrontierAlt Oasis Funds Management (Shariah Compliant)
ط Structured Products:
· Closed-End Stock Market listed Funds (i.e. Global Dividend Fund partnership with Manulife TSX: GDF.UN).
ط Oil & Gas and Mining & Minerals flow-through limited partnerships (tax-efficient funds)
ط Investment Management and Investment Counseling.
ط Investment Banking, Merchant Banking and Capital Markets Advisory.
ط Integrated Back Office Solutions through its subsidiary company - KeiDATA Back Office Solutions.
The company has (and continues) built relationships with several reputable investment managers. Leading Bond Manager of North America is the portfolio manager for Frontier Al Terrain Bond Fund, MFC Global – Company of Manulife is the investor advisor for Frontier Global dividend Fund, MAN Financial Canada is the investment advisor for Frontier All Terrain Global Commodity Fund.
FrontierAlt funds are underwritten by syndicates of Tier 1 banks and leading investment dealers and distributed through IDA – registered investment brokers. Some of the associated names being CIBC World Markets, RBC Capital Markets, Scotia Capital Inc, TD Securities, Raymond James, Berkshire Securities, HSBC Securities (Canada).
The company represents a mix of young, dynamic and talented professionals with a very impressive proven track record in their respective areas. Further through Frontier, ONICH would have access to some of the best global fund managers.
This investment is ONIC Holding’s first major acquisition outside the region. ONIC Holding Chairman, H.E. Sayyid Khalid Hamad Hamoud Al Busaidi said “with an entry to North American market this investment would provide other investment opportunities and will enable ONIC Holding to achieve its vision of becoming a global financial services conglomerate”.
February 11, 2007
Oman National Investment Corporation Holding (ONICH) reports a net profit of RO 6.7million for the Third quarter ended December 2006.
Oman National Investment Corporation Holding (ONICH) reported a net profit of RO 6.7 million for the Third Quarter ended 31 December 2006 compared to a net profit of RO 11.8 million in the same period in 2005.
November 21, 2006
Alliance Housing Bank seeks Commercial Banking license
In 2004, the Board of Alliance sanctioned a study to explore various strategic alternatives open to the Bank. The study highlighted the advantages for the bank to maintain its current business model.
However, in view of the recent developments in the regulatory environment, the bank has approached Central Bank of Oman for an in-principle approval to be granted for a commercial banking license.
Subject to this in-principle approval being granted by Central Bank of Oman, an independent study will be commissioned to ascertain the viability of the proposal in the most effective and efficient manner.
November 19, 2006
ONIC HOLDING ASSOCIATE INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. [IGIH] ACQUIRES LONDON UNDERWRITING AGENCY
International General Insurance Holdings Ltd. [IGIH] announced that the company has reached an agreement in principle to acquire a controlling interest in S.R. Bishop Underwriting Ltd. The transaction is expected to close shortly.
S.R. Bishop Underwriting Ltd. is an underwriting agency located in London and is recognized as a leading underwriter in marine insurance. The management team of Stephen Bishop, Richard Chown, Jeremy Battersby and Ken Freeman will remain with the Company following completion of the transaction. S.R. Bishop Underwriting Ltd. has been in operation since 2002 and underwrote a premium income of over US$ 50 million in its last full underwriting year. IGIH will provide underwriting capacity for the agency and it will be the focal point for the groups marine business.
Wasef Jabsheh, Vice Chairman and CEO of IGIH stated, “The acquisition and support of the agency reinforces our commitment to diversification and further supports the groups expansion plan in line with the strategic objectives”. Mr. Jabsheh added, “I believe the addition of Stephen and his team, as established leading market underwriters, underlines our confidence in the marine account and will enable us to develop this important area of our business profitability”.
Regarding the transaction, agency Managing Director, Stephen Bishop commented, “I look forward to working closely with the management of IGIH. Whilst the agency considered a number of different alternatives, the commitment, professionalism and vision of IGIH management left me in no doubt that this provided the best opportunity for the agency to maintain a long-term presence in the market. The excellent reputation and quality of security offered by IGIH will be of significant advantage to the agency in developing a portfolio of quality business.
November 19, 2006
Resignation and Appointment of Directors
The Board of Directors at the meeting held on November 8, 2006, accepted the resignation of Mr. Khaled Sifry and Mr. George Shahadeh Ibrahim was appointed as new Board member to hold office till the next Annual General Meeting.
November 13, 2006
Oman National Investment Corporation Holding (ONICH) reports a net profit of RO 4.3 million for the second quarter ended September 2006.
Oman National Investment Corporation Holding (ONICH) reported a net profit of RO 4.3 million for the Second Quarter ended 30 September 2006 compared to a net profit of RO 10.6 million in the same period in 2005.
July 27, 2006
Oman National Investment Corporation Holding (ONICH) net loss for the first quarter of 2006 is RO 913K.
Oman National Investment Corporation Holding (ONICH) reported a net loss of RO 913K for the 1st Quarter starting from 1st April to 30th June, 2006 compared to a net profit of RO 9.509 mn in the same period in 2005.
May 25, 2006
Oman National Investment Corporation Holding (ONICH) posts net profit of RO 14.36 mn and proposed 30% cash dividend & 10% stock dividend
ONICH announced a net profit of RO 14.36mn for FY ending 31st March 2006 compared to RO 12.76mn for the same period in the previous year, an increase by 12.5%.
The Board of Directors has proposed to distribute 30% cash dividend and 10% as stock dividend for FY2005 after due approval.
February 07, 2006
ONIC Holding Acquires 34% Stake in Pak Oman Asset Management Company
Pak Oman to float 51 per cent Asset Management Subsidiary in Pakistan
MUSCAT — In a major development, Pak Oman Investment Company (Pak Oman), a 50:50 joint venture between the governments of Oman and Pakistan yesterday said, it has decided to float a 51 pert cent asset management subsidiary in Pakistan.
In line with a historic agreement reached here on Monday, Omani investment major ONIC Holding, banking giant Bank Muscat and National Logistics Corporation (Pakistan) have committed to pick 34 per cent, 10 per cent and five per cent stakes, respectively, in the asset management firm’s equity. Pak Oman Chairman, Yahya bin Said bin Abdullah Al Jabri presided over the ceremony.
“As we have embarked on a major expansion-cum-diversification plan, the agreement we reached on Monday is a milestone in the history of Pak Oman. It’s our ongoing endeavours to promote mutual business relations between Oman and Pakistan, and the prime focus, indeed, is promotion of finance and investment activities,” Al Jabri told Times Business.
“We are also proposing to convert Pak Oman into a major investment holding corporation. In this regard, we are exploring the possibilities of acquiring businesses and establishing subsidiaries to enhance our areas of operations, and emerge as a true investment-major,” Al Jabri, who is also the executive president of Oman’s Capital Market Authority highlighted.
The four partners — Pak Oman, ONIC Holding, Bank Muscat and NLC — have committed to form an asset management company under the NBFC rules in Pakistan.
The asset management company, according to Pak Oman, will launch and manage different types of mutual funds, providing an entry into the capital markets of Pakistan for local as well as foreign investors. Pakistani capital markets have performed exceptionally well over the past four years on strong economic growth and corporate performance. With stable economic and political environment, the market is expected to continue its positive trend and provide the investors with good investment avenues.
Lt.-General Afzal Muzzaffar, one the top officials of NLC Pakistan; Major-General Khalid Zahir Akhtar, director-general of NLC Pakistan; Saeed ur Rehman, director of finance NLC; AbdulRazak Ali Issa, CEO of Bank Muscat; Ali Said Ali, head of Bank Muscat Asset Management; Akbar Habib, CEO of ONIC Holding; Darius Framroze, Chief Investment Officer from ONIC Holding; Ayesha Aziz, Executive Vice-President of Pak Oman; and Anas Ahmed, Country Manager Pak Oman attended the signing ceremony.
“We are delighted to welcome ONIC Holding and Bank Muscat as the major shareholders of Pak Oman’s asset management subsidiary. We sincerely hope that their presence will provide an endorsement of Pakistan as an emerging market,” Pak Oman Country Manager Anas Ahmed said.
Of late, the company had proposed a rights issue to increase the company’s paid-up capital to Rs. 3 billion. Both governments in their capacity, as joint venture partners have already agreed to increase their respective holdings in the company. Pak Oman is also in the process of setting up a microfinance bank. Pak Oman Muscat branch will play an instrumental role in facilitating/promoting bilateral trade and investment between Oman and Pakistan.
December 14, 2005
Shuaa Capital plans to increase stake in ONIC to 35%.
CMA has stated that they have no objection to Shuaa Capital increasing their stake in ONIC to 35%.
September 14, 2005
ONIC Holding has acquired a 20 per cent stake in Bahrain’s National Finance House
ONIC Holding SAOG: ONIC Holding has acquired a 20 per cent stake in Bahrain’s National Finance House. National Finance House has a capital of BD5 million. National Finance House is a new company, established to provide the retail consumers with finance, besides financing real estate and various other kinds of finance. Other than ONIC Holding, Bahrain’s National Holdings holds 30 per cent of the company’s equity. Two car dealers in Bahrain — Ebrahim Khalil Kanoo and Y.K. Almoayeed & Sons — hold 20 per cent each and the UAE’s Gulf Finance Corporation 10 per cent.
August 21, 2005
ONIC Holding acquires 20% stake in a Regional Reinsurance Company
This is to advice that through a private placement, ONIC Holding has made a strategic acquisition of 20% of the capital of International General Insurance Company Limited (‘IGI’) at a cost of US$ 33.4 million. We believe that this investment is the first step towards achieving our goal of becoming a regional holding company with core business in insurance and other financial services. Reinsurance business creates good synergy with our core business and is an upward progression in the value chain
IGI is a leader in the reinsurance business in the region with a proven management, consistent performance and top reputation in the market. It commenced underwriting operations on March 1, 2002 and is recognized for its professionalism, expertise and service. The Company seeks to carve out a niche in specialist lines of business that demand high levels of technical expertise and service. The Company’s core business is predominantly oil & gas, construction, marine and commercial / industrial property reinsurance.
The Company has a highly experienced and skilled professional management team with over 100 years of combined experience with the insurance industry. IGI distinguishes itself from other players by adhering to high standards in all aspects of its reinsurance operations, strong business relationships with brokers and insurance companies and its deep knowledge and understanding of the region and the industries that it covers. The Company follows a conservative management style with dual objective of preserving capital while increasing earning of gross underwriting. It continuously monitors its risk exposures and purchases retrocessional reinsurance to mitigate the risk of its business portfolio.
Having successfully completed three years of operations, IGI has recently been awarded a rating of BBB (Investment grade) from Standard and Poor, subject to successful raising of capital, which it has completed through the private placement. The Company is expected to establish a licensed entity in Dubai International Financial Center (DIFC) and seek a listing of its shares on the Dubai International Financial Exchange (DIFX).
Through a private placement, IGI has raised capital of USD 75 million to assist it to become a leading regional provider of reinsurance solutions with a global reach. The combination of increase in capital and recently awarded BBB rating from S&P will significantly expand its market reach and capacity.
This investment is ONIC Holding’s first major acquisition that will enable the company to achieve its vision of becoming a regional conglomerate.
August 04, 2005
ONICH has announced profits of RO 9.5 mn for the 1Q -05
ONIC has announced profits of RO 9.5 million for the 1Q -05 which translates to an earning per share of RO 0.865. Book value is reported to be RO 4.114 as on 30th June 05. Total operating income was RO 10.8 million of which RO 9.2 million is investment income. The stock based on a closing price of RO 8.910 is trading at a Price Earning Multiple of 2.6x its annualized 1Q earnings and a price to book of RO 2.1x.
May 12, 2005
ONIC Holding posts a record profit for the year ended March 31, 2005 amounted to RO 13.85 million. Cash Div. 15% plus 10% as stock dividend.
ONIC Holding Co.: the company has announced its financial results for the year ended March 31, 2005. Investment income has soared by 101% or from RO 6.89 million for the year ending March 31, 2004 to reach RO 13.85 million for the year ending March 31, 2005. Total operating income has also increased from RO 10.66 million to RO 17.6 million for the same period. The company has made a record net profit reached of RO 13.53 million compared with RO 9.54 million for its previous year.
The company’s board has decided to distribute 15% as cash dividend plus 10% as stock dividend. This is in addition to the 10% interim dividend already paid for the current year.
March 27, 2005
ONICH may acquire 35% stake in AHB
According to press reports ONIC Holding may be planning to acquire a 35% stake in Alliance Housing Bank. According to the report, Central Bank of Oman has already approved the proposal. ONIC currently has around 12% stake in the bank.
December 25, 2004
ONIC Holding to hold an OGM on 9th, January 2005 to approve 10% interim dividends
ONIC Holding invited its shareholders to attend an OGM on Sunday 9th, January 2005 to seek their approval on the Board’s proposal of distributing an interim cash dividend of 10%.
November 02, 2004
ONIC Holding net profit up by 25.5%
ONIC Holding posted a net profit growth of 25.5% for 6M-04 with the bottom line reading RO 6.9 million as against RO 5.5% for the same period of previous year. The Board has announced interim dividend of 10 %. The growth in net profit is despite the one-time provision write back in the previous year to the tune of RO 2.5 million. Annualised EPS stands at RO 1.380 per share.
|
|
