Amana Takaful opens shares for trading Feb 8

Amana Takaful has announced that its initial public offering (IPO) of 800,000 shares will open for trading on the February, along with a further 11,441,187 bonus shares.

The Sri Lanka-based sharia-compliant insurance company had previously announced an IPO of 800,000 shares in September last year.

General Manager of Amana Takaful, Hareez Sulaiman, said in a statement that the total number of shares issued were 20,241,987.

“The Maldives economy, no doubt, has huge potential for growth, but needs foreign and local investments,” Sulaiman said.

“An active stock market is what will attract this investment. Therefore, we expect not only our valued shareholders but also other individuals and corporates to actively take part in the stock market.”

The company had previously shared its hopes of generating Rf16 million (US$1.4 million) in proceeds through the IPO, by selling shares at a low issue price of Rf20 (bundled in packages of 25).