LBO Home IndoChina | About Us | To Advertise | Contact Us rss LBO Mobil rss rss rss rss rss
International Arbitration Centre to be established in Sri Lanka |     Electricity tariff reduction for hotels and shops from this November                                          A Special Tax Scheme for the motor vehicle imports instead of the current system |  Minimum monthly salary of the State Sector employee increased to Rs. 15,000                                          Value Added Tax reduced to 11 percent |     Aerospace Engineering Unit will be established at the Moratuwa University | EPF payment from the employer to be increased to 14%                                          Sri Lanka Customs to have a One Stop Service Center |  Import tax removed on infant milk food | Electricity tariff reduction for hotels and shops from this November                                          A special duty scheme on motor vehicles for foreign employed individuals |  Main Sri Lankan towns to be developed under a special Urban Development Programme                                          
Fri, 24 October 2014 20:18:12
Sri Lanka Islamic insurer's Maldives unit in IPO
10 Sep, 2011 12:52:17
Sept 10, 2011 (LBO) - Sri Lanka's Amana Takaful, an insurer operating on Shariah islamic finance rules said its unit in the Maldives selling 800,000 shares to raise 16 million rufiyaa in an initial public offer.
The offer would open on September 20. The firm would sell the shares at 20 rufiyaa each.

Amana Takaful (Maldives) Plc, is owned through Amana Takaful Global Ltd, a fully owned unit of Colombo listed Amana Takaful Insurance said in a stock exchange filing.

Amana Global owned 60.7 percent of the Maldives unit and 25 percent was owned by Expolanka Holdings, a Sri Lanka based firm. After the IPO public holding would be 9.1 percent and the parent's holding would fall to 55.2 percent.

The firm said it is IPO document that it had posted a profit of 9,344 US dollars 2010 down 80 percent while revenues fell 20 percent. Gross written premium was 2.5 million US dolalrs for 2010.

The firm said an economic downturn and stricture underwriting and stepping back from price competition resulted in lower revenues, but expected to do better this year.

The IPO cash would strengthen its capital base and allow it to under-write more risk and pay less re-takaful (re-insurance) the firm said.
Your Comment
Your Name/Handle
Your Email (Your email will not be displayed)
Your Email
Receivers Email
Your Comment