Board members Al-Anwar Holding gave an initial approval for increasing the capital of its 51%-owned subsidiary Falcon Insurance, through an initial public offering (IPO), subject to approval from the Capital Market Authority (CMA), other regulators and shareholders.

The IPO details, including amount, price, and timing will be finalized and announced after obtaining an approval from Falcon Insurance’s shareholders, CMA, and other regulators, according to Al-Anwar Holding’s filing to Muscat’s bourse.