Amana Takaful Maldives goes public with IPO

Amana Takaful Maldives will be the first insurance company to list in the Maldives with its upcoming IPO. The IPO will raise 16 million Rufiyya with 800,000 shares being offered at Rs.20 each a Colombo Stock Exchange filing said.

The subscription list opens on 19 September and closes on 20 October.

Amana Takaful Maldives is a fully owned subsidiary of Amana Global Ltd., which is a fully owned subsidiary of Amana Takaful Plc. The company has been operational in the Maldives since 2003. Amana Takaful Maldives made a loss of US$ 576 in 2009 and a profit of US $ 9,344 in 2010. The company expects to grow revenue by 68% in 2011.

Amana Global owns 60.7% of the company, Expolanka 25% and HMS Maldives and other individuals the balance. (DG)