Share consolidation for Amana Takaful PLC and Amana Takaful Life PLC

From left: Amana Takaful PLC Director Osman Kassim, Chairman Tyeab Akbarally, Acuity Partners Ltd. Managing Director/CEO Ray Abeywardena and Acuity Partners Ltd. Vice President (Corporate Finance) Amani Ranaweera

The directors of Amana Takaful PLC and Amana Takaful Life PLC proposed to carry out a consolidation of shares without a reduction in the stated capital for the purposes of reducing the volatility of the share price, improving the dividend per share and maintaining an attractive valuation for the share.

Once completed the existing number of shares will be reduced through the consolidation of every existing 10 shares to one share, without a change to the stated capital.

The proposed consolidation was approved by the shareholders for both Amana Takaful PLC and Amana Takaful Life PLC at the EGMs held on 30 July 2018.

Acuity Partners Ltd. functioned as the Manager and Financial Advisor to the respective Consolidations and advised the Companies on the entire exercise.