July 22, 2016 (LBO) – The Initial Public Offering of Amana Takaful Life Limited via an offer for sale of 75 million rupees was oversubscribed on its opening day Thursday.
The company offered 50 million ordinary voting shares at 1.50 rupees per share on the Diri Savi Board of the Colombo Stock Exchange, which represents 10 percent of its shares.
“Following the listing, Amana Takaful Life expects its growth – in terms of which the company has outperformed the industry for three consecutive years (as per IBSL Statistical Review 2015) – to accelerate further,” the company said in a statement.
With the listing Amana Takaful Life becomes the first publicly quoted segregated life insurer in Sri Lanka, following the mandatory segregation of Life and General insurance companies on 1st February 2015.
The Financial Advisor and Manager to the offer was Acuity Partners (Pvt) Limited and Amana Bank was the Banker to the issue. Adfactors PR was the communications/Public Relations partner.
Amana Takaful Life recorded a Gross Written Premium (GWP) of LKR 928 million in the financial year ending 31st December 2015 and a profit of LKR 18 million – notwithstanding pressure from increased post-segregation costs and lower yields on investment income.
Amana Takaful Life operates via a branch network of nearly 30 branches that cover 22 districts. As part of its commitment to remain ‘open to all’, Amana Takaful Life serves all communities and employs a multi-ethnic team across its network.