Oman Insurance P S C : Notification from the company

Form for disclosing the Agreement to Acquire, Dispose, Mortgage, or

Lease Transaction(s)

The required data regarding the agreement to acquire / dispose / mortgage / lease transaction(s):

Date.	19 January 2022
Name of the Listed Company.	Oman Insurance Company
Specify the type of transaction: (acquisition / dispose /	Disposing all shares held by Oman
mortgage / lease / other).	Insurance Company in ITACO Bahrain
	Co. W.L.L.
	Prior to disposal Oman Insurance held
	60% shares in ITACO Bahrain. Post
	Disposal, Oman Insurance does not
	hold any shares in ITACO Bahrain
Determine the type of asset to be acquired, disposed,	Disposing all shares held by Oman
leased or mortgaged (examples: investments,	Insurance Company in ITACO Bahrain
companies, factories, real estate, securities, etc.) and	Co. W.L.L.
describe the activity of the underlying asset.
	ITACO Bahrain Co. W.L.L. is Bahrain
	based	company	mainly
	providing/coordinating	for providing
	roadside assistance provider company
Determine the value of the purchase cost of these	The company paid AED 793 thousand
assets and their percentage to the capital of the listed	as part of restructuring of ITACO
company in the event of dispose, mortgage or leasing.	Bahrain to exit its investment which is
	0.17% of OIC's issued capital.
Total value of acquisition / dispose / mortgage / lease	AED 793 thousand payment by Oman
transaction.	Insurance to ITACO as above
Reasons for executing the transaction, its expected	As the subsidiary was loss making and
effects on the company and its operations, and the	to enable better synergies with
rights of its shareholders.	alternate	roadside	assistance
	providers at reduced costs it was
	decided to dispose the shares
Determine the parties to the transaction / deal.	Seller : Oman Insurance Company

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Classification: OIC-Business

	Purchaser : Omar Javier Baba Quiros
Determine whether the transaction / deal is associated
to related parties, and specify the nature of the	No
relationship, if any.
The date of signing the transaction / deal.	27 October 2021
Transaction / deal execution date.	Signing Date : 27 October 2021
Expected closing date.	Closing Date: 14 December 2021
If the listed company is the acquiring party or the
lessee, the following must be fulfilled:
1- Explain how to finance acquisition or lease
transaction(s).
2- Determine the sources of financing the
transaction(s) in the case of acquisition or
leasing, with clarification of the payment	Not Applicable
mechanism in the event that part or all of the
value of the transaction(s) will be funded
through banks.
3- Determine the date or dates of payment of the
amounts owed by the listed company from the
acquisition or lease transaction(s).
If the listed company is the disposing party, the lessor,
or one of the mortgage parties, the following must be
fulfilled:
1- Explain the reasons for disposing, mortgaging
or leasing, and clarifying how the collected
funds will be used.	Oman Insurance Company has paid
2- Determine the date or dates of collection of	AED 793 thousand as part of
the amounts owed to the listed company from	restructuring of ITACO Bahrain to exit
the dispose, mortgage or lease transaction.	its investment
3- Clarify the company's plan regarding the use of
exit proceeds or the sale or lease of the asset.
4- Clarify the procedures against the listed
company in case of failure to pay its
obligations stated in the mortgage deal.
5- The listed company must also clarify whether
it will provide a loan in exchange for a
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Classification: OIC-Business

mortgage of the assets owned by the other
party.
The expected financial impact of the transaction(s) on	Impact on business result is nominal as
the business results and the financial position of the	the subsidiary was loss making. This
listed company.		transaction	has	resulted	in
		derecognition of net asset of AED
		1,459 thousand only.
Determine the financial period or quarter in which the
financial impact of the transaction(s) will appear on	Q4 2021
the listed company.
Summary of the terms and conditions of the
transaction(s), the rights and obligations of the listed	Not Applicable. The closing has
company and its shareholders, and the procedures	occurred on 14th December 2021 and
involved in the event that any party fails to fulfill the	the shares have been fully transferred
obligations it has stipulated in the transaction or the			to the Purchaser.
deal contract.
The Name of the Authorized Signatory	El Sheikh Anwar El Khatib
Designation	General Counsel and Company Secretary
Signature and Date			19 January 2022
Company's Seal

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Classification: OIC-Business