IMAP is pleased to announce that Alpen Capital – IMAP GCC has successfully advised Abu Ghazaleh Capital Management (AGCM) on the divestment of its minority shareholding in International General Insurance (IGI), a Nasdaq-listed specialty insurance and reinsurance group, to Oman International Development and Investment Company (Ominvest) for a value of USD 15.5 million.
AGCM is a family-owned investment company based in Amman, Jordan, and holds a diversified global portfolio with interests in Food & Agriculture, Healthcare, Technology, Aviation, Insurance, and Real Estate.
Ominvest is one of the most successful and largest listed investment companies in the region. Founded in 1983 in Oman, it holds a well-diversified portfolio of investments in Banking, Insurance, Finance and Leasing, Financial Investments, Private Equity, and Investment Banking.
By acquiring the shares held by AGCM, Ominvest has increased its shareholding in IGI to 22%, making it IGI’s second largest minority shareholder. Ominvest has majority and minority shareholdings in several insurance companies in Oman and the GCC.
Established in 2005, Alpen Capital – IMAP GCC is one of the premier financial advisory firms in the Middle East. It joined IMAP as its exclusive partner firm for the GCC region earlier this year. The team advising on the transaction was led by Hussam Majari based in Abu Dhabi.