Amana Takaful to reduce shares via consolidation

Amana Takaful Plc has announced plans to reduce the number of shares in issue by way of a consolidation of shares without a change to the stated capital. It has been proposed to reduce the ordinary voting shares in issue by the consolidation of every 10 existing shares to one. The existing 1.8 billion shares in issue will be reduced to 180 million. The move is subject to shareholder approval.

Separately Amana Takaful Life (ATLL) has resolved to reduce the number of ordinary voting shares in issue, by a way of consolidation of every existing 10 shares to 01 ordinary voting share.  The above consolidation is expected to reduce the existing number of shares from 500mn to 50mn shares, without any changes to the voting capital of ATLL.