Amana Takaful seeking to “kick start” Maldives stock market with landmark IPO
19 Sep 2011, 5:32 PM
Sharia-compliant insurance company Amana Takaful will issue 800,000 shares in an initial public offering (IPO) on the Maldives Stock Exchange (MSE).
In a first for the country, 20 percent of the shares will be made available to expatriates and 15 percent to overseas applicants. The remaining 65 percent will be offered to Maldivians.
The Sri Lanka-based company hopes to generate Rf16 million (US$1.4 million) in proceeds through the IPO, by selling shares at a low issue price of Rf20 (bundled in packages of 25).
Amana Takaful’s board of directors announced the IPO on Monday afternoon at the Nasandhura Palace Hotel.
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