October 27, 2006 (LBO) – Amana Takaful Ltd., a specialized Islamic insurance company, plans to list 12.5 million shares on the Colombo Stock Exchange by way of an introduction.
Priced at 10.00 rupees each, the shares will be listed on the Colombo Stock Exchange’s secondary board.
There will be no public issue of shares, CSE’s Assistant General Manager, Regulatory Affairs, Renuka Wijayawardhane said Friday.
Amana’s listing comes ahead of a change in Sri Lanka’s Insurance Act, which will make a stock exchange listing a mandatory requirement.
Despite a penetration of around 10 percent, the local insurance market is split among 15 players, with few like Ceylinco, Eagle, HNB Assurance, Asian Alliance and Union Assurance currently listed on the Colombo bourse.