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Wednesday, September 7, 2011

Amana Takaful Maldives opens for subscription

By Indika Sakalasooriya

As exclusively reported by Mirror Business, the Maldivian subsidiary of Sri Lanka's Amana Takaful Insuracne Plc, Amana Takaful (Maldives) Private Limited is going ahead with their plans of getting listed in the Maldives Stock Exchange (MSE).

The firm now plans to offer shares for subscription on the 20th of this month, the IPO-prospectus that was released to the MSE noted.

The firm is to issue 800, 000 ordinary shares in 25 share parcels, each at MVR.20 amounting to a total proceed of MVR 16 million.

According to the prospectus, 65 percent of the shares will be allotted to Maldivian nationals while 20 percent will be for expatriates. Overseas applicants will be allotted 15 percent of the issued shares.

However, the prospectus pointed out that the applications shall be made for a minimum of 25 shares or multiples of 25 shares. Applications for less than 25 shares or a number which is not a multiple of 25 shares will be rejected at the outset.

“What is special about this IPO is that we are also the first Shari' ah-compliant company to be established in the world's only 100 percent Islamic country, the Maldives," Hareez Sulaiman, the General Manager and Chief Executive Officer of Amana Takaful (Maldives) Ltd. said.

As the prospectus outlines the primary objective of the IPO is to spread the ownership among the Maldivians to make Amana Takaful Maldives a true Maldivian company.

Proceeds from the IPO will also be used for capital base strengthening and for other expansion programmes of the company.

“This will bring leverage to the company in negotiating better terms in Re-takaful by way accepting higher risks” the prospectus noted.

The issue will close on October 19, 2011.

The main shareholders of the firm mentioned in the prospectus are Amana Global Limited (60.7%) and Expolanka Holdings PLC (25%). Other parties also have 14.3 percent.

Amana Takaful (Maldives) Private Limited started its operations in Maldives in 2004 after receiving a license from the Maldivian Insurance Authority to engage in General Insurance in 2004. Today, the company has grown as one of the largest players in the Maldives, providing insurance solutions to key sectors of the government and also non-government organizations.

In collaboration with one of the largest Takaful operators in the world, Malaysia Takaful, Amana Takaful started its Sri Lankan operation in 1998, offering both General and Family Takaful solutions.

source - www.dailymirror.lk