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He said the promoters will divest 40 per cent of their holding in the company.
Al Madina Insurance has a capital base of OMR 10 million.
Barham said that Al Madina has received an ‘in principle’ approval from the Capital Market Authority for converting its status into an Islamic insurance firm and a final approval will be given only after the company lists its shares on the Muscat Securities Market (MSM).
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