Maldives director of Amana Takaful resigns weeks before IPO

Director of the Maldives branch of Amana Takaful, Hassan Ali Manik, has resigned his post scarely a week after the company announced the launch of a landmark IPO on the local stock exchange.

Manik’s resignation will take effect from the 21st of September. In a statement, Amana Takaful said Manik was tendered his resignation “citing business and personal commitments”.

The company did not announce a replacement.

Sharia-compliant insurance company Amana Takaful will issue 800,000 shares in an initial public offering (IPO) on the Maldives Stock Exchange (MSE).

In a first for the country, 20 percent of the shares will be made available to expatriates and 15 percent to overseas applicants. The remaining 65 percent will be offered to Maldivians.

The Sri Lanka-based company hopes to generate 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).

CEO of Amana Takaful Maldives, Hareez Sulaiman, said the IPO would “change the way the Maldivian Stock Exchange operates as this will be the first time that Maldivians, expatriates and foreigners will be able to purchase securities in a Maldivian listed company.”

The decision to price the shares low “at a price affordable to any average Maldivian” also promised to “be a kick starter for an active stock market which may benefit the entire economy at large,” the company said in an accompanying statement.