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Wednesday, January 26, 2011

Amana Takaful opts for Rs.750 mn rights issue

The Board of Directors of Amana Takaful PLC have opted to go for a Rs.750 million rights issue offering 500,000,360 new shares, subject to shareholder and regulator approval.

The proportion in which shares are issued will be one share for every one existing share. The proceeds from the rights issue is to be utilized for increased capital requirements by the regulator under its proposed capital plan and for future expansion strategies.

The current stated capital of the company is Rs. 500,000,360 and the issue and listing of shares would be done once approval has been obtained from the CSE and the Shareholders.

Each new share would be priced at Rs.1.50. Amana Takaful PLC, a subsidiary of Amana Investments, engages in life and general takaful insurance businesses primarily in Sri Lanka and Maldives. Amana group's another subsidiary, Amana Bank Limited, recently obtained the regulatory nod to conduct commercial banking operations in Sri Lanka.

source - www.dailymirror.lk