Amana Takaful IPO fully subscribed

Amana Takaful ended its Initial Public Offering (IPO) with a full subscription and 800,000 shares floated to the public in parcels of 25 shares each, at Rf20 (US$1.3) per share.

The issued shares have been alloted and a list has been sent to the Maldives Securities Depository (MSD) to be deposited in the respective MSD accounts.

“Our intention was to help change the way the Maldivian stock market operates as this was the first time that Maldivians, expatriates and foreigners were able to purchase securities in a Maldivian listed company,” said Hareez Sulaiman, the General Manager of Amana Takaful Maldives PLC, in a press statement.

Amana Takaful is the first Shari’ah compliant insurance company listed in the Maldives. It first came to the Maldives from Sri Lanka in 2003 in concept-form, and was licensed to provide insurance in 2010.

The IPO launch received support from Capital Marketing Development Authority (CMDA), Maldives Stock Exchange and the Maldives Monetary Authority (MMA).