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Major shareholders to inject funds into Dhofar Insurance

Dhofar Insurance Co. (SAOG) said Dec. 26 that its major shareholders plan to inject the necessary funds to restructure the company's capital and resolve its solvency margin deficit.

The move comes after the company had received a letter from Oman's Capital Market Authority, instructing it to suspend some activities, effective from January 2018, unless the solvency margin deficit is resolved.

Dhofar Insurance's board has instructed the company to complete the formalities for convening a second extraordinary general meeting, expected to be held in the week of Jan. 8, 2018, to discuss and approve the proposed financial restructuring, the company said.