Amana Takaful extends IPO in Maldives

The Board of Directors of Amana Takaful (Maldives) PLC has decided to extend the subscription period of its Initial Public Offering (IPO) by one month up to 19 November.

The company said the main reason for this extension was to provide further time for the overseas investors to complete their regulatory requirements prior to off-shore investments.

“We also believe that this extension would help the people in Maldives, especially the investors residing in the outer atolls who were unable to submit their applications up to now,” the company added.

The IPO involved 800,000 ordinary shares at Maldivian Rufiyaa 20 each totalling Maldivian Ruffiya 16 million or Rs. 114.5 million. It opened for subscription on 20 September and the original closing date was 19 October.

Amana Takaful (Maldives) Plc is a subsidiary of Amana Global Ltd., which is a fully-owned subsidiary of Amana Takaful Plc.