Amana Takaful announced the successful completion of its recent rights issue, having had full subscription to the issue.
The issue raised a capital of LKR 750,000,000-, thereby increasing the total capital of Amana Takaful to LKR 1.25 bn. The additional capital will be directed to facilitating its expansion strategy in spearheading Takaful in Sri Lanka, as well as consolidating its position to meet changes in regulation pertaining to Risk Based capital and splitting of Life and General business.
“The response received for the rights issue was overwhelming and we believe is a reflection of the confidence our shareholders have in the company and its future, said Tyeab Akbarally, Chairman of Amana Takaful. “The recent changes to the Regulation of the Insurance Industry Act (RII Act) will be a strong impetus to us in execution of our planned expansion and other strategies”, he added.
Amana Takaful, the pioneer of Takaful in Sri Lanka, announced the rights issue on 1:1 basis at Rs 1.50 a share.
“We feel encouraged by the response received and are confident of the opportunities that are emerging”, said Ehsan Zaheed, Director/CEO, Amana Takaful PLC “The economic climate for investment is good in Sri Lanka given the rapid development plans in infrastructure projects and incentives for investment..
This will no doubt draw new ventures and investment opportunities, thereby creating many opportunities for insurance companies to capitalise on. As Sri Lanka’s only Takaful provider we are readying ourselves to meet this very challenge,” said Zaheed.
source - www.dailymirror.lk
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